Overview of Business Continuity Management Flashcards
(15 cards)
What is the main purpose of Business Continuity Management?
To develop strategies to continue operations without interruption
This includes identifying critical functions, determining contingency plans, and minimizing the effects of disruptions.
What are the key components of the emergency and risk management process?
- Identify
- Prevent
- Mitigate
- Prepare
- Respond
- Recover
These components are essential for effective risk management.
What does a basic supply chain consist of?
- Raw material suppliers
- Intermediate manufacturers
- Finished product manufacturers
- Wholesalers and Distributors
- Retailers and Consumers
This flow highlights the interconnectedness of various supply chain participants.
True or False: A supply chain is only as strong as its strongest link.
True
A supply chain is only as strong as its weakest link.
What are the main factors contributing to increasing supply chain risk?
- Global Sourcing
- Cost pressures
- Competition
- Specialization
- Inventory
- Outsourcing
- Political instability
- CSR
These factors can lead to vulnerabilities in the supply chain.
Fill in the blank: The COVID-19 pandemic has exposed the _______ of the global supply chain.
[fragility]
Companies are re-evaluating their business models in light of recent disruptions.
What happens during a supply disruption?
A supplier cannot deliver a key material, leading to production halts and potential backorders
This scenario impacts the entire supply chain.
What is the result of a market stockout?
Inventory is no longer available, impacting all partners in the supply chain
This can lead to significant business interruptions.
What are the challenges faced in Supply Chain Management?
- Balancing production capacity with low-cost manufacturing
- Balancing low-cost manufacturing with variable customer demand
- Balancing variable customer demand with good customer service
- Balancing good customer service with inventory cost management
- Balancing inventory cost management with production capacity
These challenges require careful strategic planning.
What does Supply Chain Visibility refer to?
Identifying suppliers and customers beyond Tier 1 to ensure your policies are followed throughout the supply chain
This is crucial for managing social, economic, and environmental impacts.
What technologies are impacting supply chain management?
- Blockchain
- Artificial Intelligence
- Machine Learning
- Analytics
These technologies enhance efficiency and decision-making in supply chains.
What are the implications of political instability on supply chains?
It impacts business results and supply chain decisions
Political factors can disrupt the free flow of business.
Fill in the blank: Risk needs to be included in the _______ calculation models.
[cost]
This ensures that businesses account for potential losses in their financial planning.
What is a competitive advantage in the context of supply chains?
Having optimized supply chains that can respond effectively to market changes
Companies like Walmart and Amazon exemplify this advantage.
What is the role of preparation in risk management?
To develop strategies and plans for responding to potential disruptions
Effective preparation minimizes impacts during actual disruptions.
