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SCMN 2150 EXAM - PRACTICE EXAM SCMN 2150
EXAM
What are the five steps to adopting a supply chain perspective? - โโ CORRECT
ANSWER ๐ฏ % Plan, Source, Make, Deliver, Return
Who releases the Top 25 Supply Chain Rankings each year? - โโ CORRECT
ANSWER ๐ฏ % Gartner, Inc.
What was the number 1 supply chain of 2023? - โโ CORRECT ANSWER ๐ฏ % Schneider Electric What is the technical definition of supply chain management? - โโ CORRECT ANSWER ๐ฏ % Supply Chain Management involves the planning and management of all activities involved in sourcing and placement, conversion, and all logistics management activities. What is "mom's" definition of supply chain managment? - โโ CORRECT
ANSWER ๐ฏ % Supply chain management includes all the activities that it takes to get from the supplier to the retail store so that you and I can buy them
What are the 5 primary groups involved in SCMN? โ โโ CORRECT ANSWER ๐ฏ % Supplier, manufacturer, distributor, retailer, consumer
What are the 3 flows of SCMN? โ โโ CORRECT ANSWER ๐ฏ % 1. Product
- Information
- Money
Supply chains are NOT linear, instead more like... โ โโ CORRECT ANSWER ๐ฏ % Complex spider webs
Why do companies care about SCMN? โ โโ CORRECT ANSWER ๐ฏ % SCMN allows them to create a competitive advantage (i.e., better, faster, cheaper) over their contenders
What are the 7 keys if facility location? โ โโ CORRECT ANSWER ๐ฏ % Land, labor, capital, sources of supply, production, markets, logistics
What are the classic economic factors for facility location? โ โโ CORRECT ANSWER ๐ฏ % Land, labor, capital
Define links. โ โโ CORRECT ANSWER ๐ฏ % The transportation method used to connect the nodes in a supply chain
Define nodes. โ
What are challenges of a centralized supply chain? - โโ CORRECT ANSWER ๐ฏ % Customer proximity, longer lead times, higher delivery costs, issues with traveling to certain regions, potential inefficiencies during growth What are the benefits of decentralized supply chains? โ โโ CORRECT ANSWER ๐ฏ % Shorter lead times, lower delivery costs, better response to demand What are the challenges of decentralized supply chains? โ โโ CORRECT ANSWER ๐ฏ % More safety stock, higher overhead costs, more managers, no economies of sale What type of supply chain do most businesses use? Decentralized or centralized?
โโ CORRECT ANSWER
๐ฏ % A mixture of both What are the three network fulfillment options? โ โโ CORRECT ANSWER ๐ฏ % Direct delivery, cross dock, and distribution center What is direct delivery? โ
โโ CORRECT ANSWER ๐ฏ % Products are moved from a facility directly to a customer What is a cross-dock? โ โโ CORRECT ANSWER ๐ฏ % Products are sorted or mixed before being sent to customers
Do cross-docks hold goods? โ โโ CORRECT ANSWER ๐ฏ % No What is a distribution center? โ โโ CORRECT ANSWER ๐ฏ % Products are stored here until customer demand occurs, where it is then sent to the customer Give examples of direct-delivery goods. โ โโ CORRECT ANSWER ๐ฏ % High-volume goods at retail stores, time-sensitive/perishable products, newspapers Give examples of cross-dock goods. โ โโ CORRECT ANSWER ๐ฏ % Promotional/seasonal goods, high-volume bulky goods, assembly pieces Give examples of distribution center goods. โ โโ CORRECT ANSWER ๐ฏ % Stable-demand products, seasonal goods Do most companies use direct delivery, cross dock, or distribution centers? -
What are the consequences of inaccurate forecasting? โ โโ CORRECT ANSWER ๐ฏ % Overstocking, stockouts, increased costs due to shipping, reduced profitability What is the definition of supply chain planning? โ โโ CORRECT ANSWER ๐ฏ % The forward-looking process of coordinating assets to optimize the delivery of goods, services and information from supplier to customer balancing supply and demand What is a proactive supply chain? โ
โโ CORRECT ANSWER ๐ฏ % Builds before needs
What is a reactive supply chain? โ
โโ CORRECT ANSWER ๐ฏ % Builds after needs
What are the 3 time horizons? โ โโ CORRECT ANSWER ๐ฏ % Short range, mid-range, long range What are the five primary types of supply chain planning? โ โโ CORRECT ANSWER ๐ฏ % Capacity, demand/forecasting, sales & operations, production, and scheduling/sequencing What is the difference between scheduling and sequencing? โ โโ CORRECT ANSWER ๐ฏ % Scheduling allows you to allocate the time for production, while sequencing is the order in which the production happens
List the different types of supply chain planning from longest-range to shortest-range.
- โโ CORRECT ANSWER ๐ฏ % Capacity, demand, sales/operations, production, scheduling & sequencing
What are the challenges of supply chain planning? โ โโ CORRECT ANSWER ๐ฏ % The world is unpredictable (fluctuating demand, order modifications, rising costs, shrinking product life-cycles) and plans must be updated regularly Define capacity. โ โโ CORRECT ANSWER ๐ฏ % The ability to do something; "the rate at which output can be produced" What's the difference between design capacity and effective capacity? - ANSWER Design capacity is theoretical output rate while effective capacity is actual output rate When capacity exceeds demand... โ
โโ CORRECT ANSWER ๐ฏ % Excess inventory
When demand exceeds capacity... โ โโ CORRECT ANSWER ๐ฏ % Inventory shortage Define capacity utilization. โ โโ CORRECT ANSWER ๐ฏ % A method of measuring the amount of
A(t-3) + ... A(t- n)]/n What does F(t) stand for in the simple moving average formula? โ โโ CORRECT ANSWER ๐ฏ % Forecast for the coming period What does A(t-n) stand for in the simple moving average formula? โ โโ CORRECT ANSWER ๐ฏ % Actual demand for past time periods What does n stand for in the simple moving average formula? โ โโ CORRECT ANSWER ๐ฏ % Number of time periods to be averaged What is the formula for weighted moving average? โ โโ CORRECT ANSWER ๐ฏ % F(t) = W1[A(t-1)] + W2[A(t-2)] + W3[A(t- 3)] What does Wn stand for in the weighted moving average formula? โ โโ CORRECT ANSWER ๐ฏ % Weight given to each time period (weights should add up to 1) What is the formula for exponential smoothing? โ โโ CORRECT ANSWER ๐ฏ % F(t) = F(t) + ฮฑ[A(t-1) -
F(t- 1)] What does F(t-1) stand for in the exponential smoothing formula? โ โโ CORRECT ANSWER ๐ฏ % Forecast value for 1 past time period What does ฮฑ stand for in the exponential smoothing formula? โ โโ CORRECT ANSWER ๐ฏ % Smoothing constant What are the 5 major steps of sales and operations planning? (S&OP) โ โโ CORRECT ANSWER ๐ฏ %
- Data gathering/management
- Demand planning
- Supply planning
- Plan reconciliation
- FInalization and release of the S&OP What does plan reconciliation look like? โ โโ CORRECT ANSWER ๐ฏ % Matching supply and demand plans with financial considerations What are the three inputs for Material Requirements Planning? (MRP) โ โโ CORRECT ANSWER ๐ฏ %
- Master production schedule
โโ CORRECT ANSWER ๐ฏ % Starting planning at the due/release date and moving backwards when ordering supplies in anticipation for demand What is forward scheduling? โ โโ CORRECT ANSWER ๐ฏ % Starting planning with the release of a new product, typically providing overstock What is lead time? โ โโ CORRECT ANSWER ๐ฏ % The total time it takes to either complete a process or order/receive the required material (or part) of an assembly process
Define sequencing โ โโ CORRECT ANSWER ๐ฏ % Sequencing is the order of occurrence; process of following a specific order to ensure quality
