BUAD 331 FINAL EXAM!!!!!!!! Lesson 11,12,13,14,15
Which of the following are included in the cost of carrying inventory? All of these answer choices are correct Insurance and taxes The cost of handling inventory Utility costs for holding facilities The cost of the facility where inventory is held
All of these answer choices are correct
How can KT's positively impact the environment and achieve economic benefits in their supply chain operations at the product level? By reducing, reusing, and recycling product packaging. By encouraging customers to bring in their own reusable shopping bags. All of these answer choices are correct. By emphasizing the sourcing and selling of sustainable products.
All of these answer choices are correct.
What are some key considerations for Kai and Thea in the face of rising geopolitical risks? Knowing where their sourced products are coming from. Managing rising costs due to potential tariffs and trade barriers. All of these answer choices are correct. Sourcing supply based on proximity, stable economies, trade relationships, etc.
All of these answer choices are correct.
Which of the following best describes cloud computing and storage? The design and use of computer-controlled machines to automatically perform a series of actions or tasks traditionally performed by humans The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes
The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer
The goal of risk management capabilities is _____? To lessen the impact of disruptions via recovery mechanisms, prior to their occurrence. To lessen the impact of disruptions via recovery mechanisms, after their occurrence. To develop the capacity to strengthen resiliency and continuity post-disruption. To discover potential disruptive events before they occur, organizing them based on probability and impact. To compile historical data to prepare for and prevent a disruption, if possible.
To lessen the impact of disruptions via recovery mechanisms, after their occurrence.
A sustainable framework demands that which four supply chain areas are interconnected? Upstream suppliers, product development, recycling contractors, downstream customers Reverse logistics, internal operations, package recovery, product development Upstream suppliers, product development, downstream customers, internal operations Product development, downstream customers, recycling contractors, internal operations Design, transportation, upstream suppliers, product reacquisition team
Upstream suppliers, product development, downstream customers, internal operations
What made Kai and Thea realize that their supply chain strategy needed adjustments? Inconsistent product quality. Decreased competition from online retailers. Varying customer expectations. Declining customer loyalty.
Varying customer expectations.
Which of the following best describes ERP? A reporting system that leverages a centralized repository, which contains organizational and transactional data A reporting system that compiles historical sales trends to better predict future demand A reporting system meant to help personnel identify and nurture leads, convert leads to customers, and retain new and existing customers A reporting system that facilitates a shared understanding of product ideation, development, and launch by storing product data and history A reporting system that allows companies to optimize their procurement strategy, to work more effectively with their supplier pool, and to gain long-term benefits from all supplier relationships
A reporting system that leverages a centralized repository, which contains organizational and transactional data
A Sustainable Framework must address each of the following areas except: All of these answer choices are correct Downstream customers Upstream suppliers Product development Internal operations
All of these answer choices are correct
Anticipatory and lean systems work well for items that are _____________. commodities low-value standard All of these answer choices are correct
All of these answer choices are correct
Electronic Data Interchange does which of the following? communicates via computers helps to create electronic linkages between supply chain partners All of these answer choices are correct establishes electronic linkages by facilitating interorganizational exchanges of information
All of these answer choices are correct
How has Artificial Intelligence (AI) impacted supply chain management? AI technology can automate tasks throughout the supply chain. AI technology can be used to predict future events impacting the supply chain. AI technology can improve decision-making throughout the supply chain. A & C only All of these answer choices are correct
All of these answer choices are correct
Which of the following is an advantage of adopting a REGIONAL supply chain strategy? Sourcing, manufacturing, and selling products in close country groupings All of these answer choices are correct. Finding lower-cost manufacturing within country groups Managing inventory across countries within the region Similar cultures that often want similar products
All of these answer choices are correct.
How can KTWDS utilize transportation to impact environmental improvement and also offer economic benefits? None of these answer choices are correct. Procure and sell all items without packaging to reduce waste, despite the protection they provide for items during the transportation process . Better materials management, ensuring inbound orders are consolidated to reduce the number of shipments. Decrease shipment consolidation by shipping all items in a customer order individually to reduce lead times. Outsourcing their physical distribution (outbound) shipping operations to a third party.
Better materials management, ensuring inbound orders are consolidated to reduce the number of shipments.
Which of the following are key actions that KT's can take in the face of these trends? Digital marketing initiatives to attract more customers. Diversify the supply base to become more agile and responsive to disruptions. Both Diversity the supply base AND develop stronger relationships with key suppliers. A heightened focus on improving the quality of their goods. Develop stronger relationships with key suppliers.
Both Diversity the supply base AND develop stronger relationships with key suppliers.
How might disruptive technology be used to impact KT's supply chain? Both of these answer choices. None of these answer choices Improved demand forecasting and better inventory management. Ability to produce custom products on-demand via additive manufacturing.
Both of these answer choices.
Some risk mitigation and management techniques include _____ Increasing suppliers, increasing inventory Centralize supply/manufacturing/distribution facilities Don't have a dynamic supply chain risk management strategy Increasing cycle times and responsiveness Increase supply chain distances
Increasing suppliers, increasing inventory
Which of the following lowers the risk of supply chain vulnerability due to disruption or delay? Reducing the supplier base to just one supplier Increasing supply chain resiliency and flexibility Pursuing emerging markets to increase sales Decreasing supply chain inventory Increasing outsourcing to low cost countries
Increasing supply chain resiliency and flexibility
What solution did Kai and Thea consider to meet the expectations of their new investors? All of these answer choices are correct. Implementing an integrated information system. Opening more stores. Increasing their marketing spend. Expanding their product range.
Increasing their marketing spend
Which of the following man-made disruptions is considered to be the most common? Port outages Supplier bankruptcy Labor strikes Traffic congestion
Labor strikes
_______________ involves applying a set of process improvement techniques with a goal of improving efficiency. ROP EOQ Supply Chain Management None of the above Lean fulfillment
Lean fulfillment
A company's citizenship role within the communities it operates or serves customers is referred to as: Corporate citizen Social norms Social sustainability Corporate responsibility
Social sustainability
Which of the following best describes SRM? A reporting system that facilitates a shared understanding of product ideation, development, and launch by storing product data and history A reporting system that allows companies to optimize their procurement strategy, to work more effectively with their supplier pool, and to gain long-term benefits from all supplier relationships A reporting system meant to help personnel identify and nurture leads, convert leads to customers, and retain new and existing customers A reporting system that leverages a centralized repository, which contains organizational and transactional data A reporting system that compiles historical sales trends to better predict future demand
A reporting system that allows companies to optimize their procurement strategy, to work more effectively with their supplier pool, and to gain long-term benefits from all supplier relationships
The first step the supply chain must take after an order is transmitted is to ask: None of these answer choices are correct All of these answer choices are correct how much should we produce or purchase. where and when should we position the product or service. what should we produce or purchase.
All of these answer choices are correct
How will climate change impact Kai and Thea's supply chain? All of these answer choices are correct. KT will need to be aware of locations that they bring their dive groups to. KT will need to be aware of supplier locations that may be impacted by extreme weather. KT will need to be aware of shipping locations that become more difficult to access as a result of rising sea levels, changes in weather patterns, etc.
All of these answer choices are correct.
Their investors want to know how investment in an integrated information system brings ROI. Kai and Thea's response should include how the new IT system will: Reduce operating costs through better managing the store, transportation, and warehousing Reduced cost of goods sold through better supplier management Increase revenue through better customer service. Improve asset management through better management of inventory. All of these answer choices are correct.
All of these answer choices are correct.
Which of the following are possible risks which Kai and Thea may be exposed to? All of these answer choices are correct. Inability to find labor to work in their new storage facility. Drop-off in demand for products, for which high levels of inventory are held. The failure of one of their key suppliers. The instance of a hacker breaking into their order management system.
All of these answer choices are correct.
What initiative could help KT's reduce their environmental impact and potentially recover economic value from returned products? Implementing an "all sales final - no returns allowed" policy. Better managing returns and finding ways to return products to the shelf or resale market. None of these answer choices are correct. Disposing all returned products in landfills to avoid the burden of processing returns.
Better managing returns and finding ways to return products to the shelf or resale market.
Which of the following are appropriate criteria for selecting a sourcing location? Locations offering the lowest unit purchase price. Suppliers with the best website and broadest product line, irrespective of their location Low customs duties and tariffs, as well as a favorable currency exchange rate. Favorable trade partnerships (ex. United States-Mexico-Canada, USCMA agreement). Both favorable trade partnerships plus low customs duties and tariffs and exchange rates
Both favorable trade partnerships plus low customs duties and tariffs and exchange rates
How can KT's Wicked Dive Shop improve its social impact through its supplier relationships? Both work with vendors to ensure no child or slave labor plus require them to sign a code of conduct. Require vendors to sign a code of conduct that upholds their commitment to ethical and sustainable business practices. Source products globally without regard to supplier labor practices to provide customers with the best value possible. None of these answer choices are correct. Work with vendors to ensure they do not use upstream suppliers that utilize child or slave labor.
Both work with vendors to ensure no child or slave labor plus require them to sign a code of conduct.
Supply chains that are concerned with collecting used items for subsequent life cycles are called: Out-and-back supply chains Circular economy Closed-loop supply chains Endless supply chains
Closed-loop supply chains
The "triple bottom line" includes the following except: Environmental Social Corporate Economic
Corporate
Which of the following mega-trends focuses on how the supply chain interacts and recognizes customer segments? Customer connectedness Activity scope Information visibility Relationship governance Planning management
Customer connectedness
How could KT's mitigate the risk of a supply disruption due to the failure of a key dive equipment supplier? Hold excessive levels of inventory to hedge against failure without regard to carrying costs. Nothing needs to be done; failure of a key supplier is unlikely. Sole source; reduce the number of suppliers for each item/category. Diversify the supply base by increasing the number of suppliers in varied locations.
Diversify the supply base by increasing the number of suppliers in varied locations.
What system would help better manage their storage facility and track the inventory they hold there? Enterprise Resource Planning (ERP) system. Customer Relationship Management (CRM) system. None of these answer choices are correct. Human Resource Management System (HRMS)
Enterprise Resource Planning (ERP) system.
Which of the following is an advantage of adopting a GLOBAL supply chain strategy? Higher unit production cost due to labor arbitrage and increased volume Lower transportation costs due to shorter distances Lower inventory levels due to closeness to customers Expanded base of suppliers to cut costs or to gain access to materials not found domestically Higher material costs due to supplier limitations
Expanded base of suppliers to cut costs or to gain access to materials not found domestically
How would an integrated information system create value for KT's business? Greater margins on all products, achieving the higher profits their investors demand. Improved sourcing resulting in lower cost of goods, improving KT's bottom line. The ability to expand to global markets, unlocking additional revenue opportunities. Faster response to customer demand with reduced inventory and operating costs.
Faster response to customer demand with reduced inventory and operating costs.
What prompted Kai and Thea to reevaluate their customer value strategy? Focus group feedback None of these answer choices are correct. Competition from Walmart. Declining sales.
Focus group feedback
The three environmental sustainability imperatives that all supply chain managers need to understand when designing their network include the following except for: Natural resource scarcity Carbon footprint The circular economy Fuel prices
Fuel prices
Responsive value creation is best for products characterized by which of the following. High product value and long product life cycles Short product life cycles and low demand uncertainty High customization and high demand uncertainty Low customization and high demand uncertainty High demand uncertainty and long product lifecycles
High customization and high demand uncertainty
How can Kai and Thea positively impact society through their supply chain operations? All of these answer choices are correct. Hire people with developmental disabilities to work in the storage facility to store, pick, and pack inventories. Automate their warehousing operations as much as possible. Implement self-checkout kiosks to cut costs and improve the customer experience.
Hire people with developmental disabilities to work in the storage facility to store, pick, and pack inventories.
Which of the following is the regulatory body that helps administer international trade in the United States? International Trade Commission World Bank International Monetary Fund Doha Round World Trade Organization
International Trade Commission
What was the problem with KT's initial supply chain strategy? It was too expensive for all customers. It focused too much on customization. It couldn't meet customer demand. It treated all customers and products the same.
It treated all customers and products the same.
Based on the case, which country seems to be the best location for sourcing many of KT's products? China India Any of these choices are suitable Mexico Russia
Mexico
Which of the following is the central focus of supply chain risk? Mitigation tactics Applying data analytics Increasing safety stock Preventing disruptions Reducing purchasing costs
Preventing disruptions
Which example demonstrates a company pursuing triple-bottom-line outcomes? Trucks are purchased because they have better fuel economy A manufacturer reduces the carbon footprint of its production plants Hazardous products are removed from retail shelves once complaints surface Products are designed for closed-loop provisions and employs underprivileged adults
Products are designed for closed-loop provisions and employs underprivileged adults
What is the main goal of adjusting the supply chain for different customer segments? Maximizing customization for every customer segment. Reducing total costs. Offering the same value to all customers. Providing the correct form/time/place value for each segment.
Providing the correct form/time/place value for each segment.
Which of the following mega-trends focus on the management of external relationships? Activity scope Customer connectedness Planning management Relationship governance Information visibility
Relationship governance
"Circular economy" thinking is characterized by the following emphasis: Designing products that last forever Failure to agree on how materials should be used Regulations that require that product be returned upon use Restorative and regenerative use of materials and products
Restorative and regenerative use of materials and products
Which of the following is not a facet of risk prognosis? Risk identification Risk mitigation Risk assessment Risk prioritization Risk assumption
Risk assumption
The measurement of a company's direct carbon emissions is: Scope 2 emissions Scope 4 emissions Scope 3 emissions Scope 1 emissions
Scope 1 emissions
What risk mitigation strategy would best hedge against demand risk, where the demand for products with high levels of inventories suddenly drops off? Increase the number of products held in inventory to ensure high availability. Invest in more accurate demand forecasting tools. Shorten cycle time for supply orders to reduce inventory risk. Implement a more aggressive (and costly) marketing campaign to boost sales. Any of these actions would be effective.
Shorten cycle time for supply orders to reduce inventory risk.
According to McKinsey, an acute shortage of ________ is holding organizations back in their efforts to accelerate digitization and implement advanced planning systems. (McKinsey) Technology Talent Suppliers Funding Materials
Talent
Which of the following best describes additive manufacturing? The ability to rapidly connect billions of devices to the Internet, offering the best chance to move nearer to real-time data on everything within the supply chain. The ability to reach previously unattainable levels of speed and agility in operations with improved quality levels that have the potential to drive productivity to new levels. The ability to change the basic economics of the job shop operating environment, enabling highly specific machining on site quickly and at low cost. The ability to give everyone a demand and distribution channel through the widespread adoption of smartphones. The ability to structure and exchange massive amounts of data, to make sense of that data to drive decisions, and even to apply data to deliver products or services.
The ability to change the basic economics of the job shop operating environment, enabling highly specific machining on site quickly and at low cost.
Which of the following best describes mobile computing? The ability to structure and exchange massive amounts of data, to make sense of that data to drive decisions, and even to apply data to deliver products or services. The ability to change the basic economics of the job shop operating environment, enabling highly specific machining on site quickly and at low cost. The ability to reach previously unattainable levels of speed and agility in operations with improved quality levels that have the potential to drive productivity to new levels. The ability to give each individual a demand and distribution channel through the widespread adoption of smartphones. The ability to rapidly connect billions of devices to the Internet, offering the best chance to move nearer to real-time data on everything within the supply chain.
The ability to give each individual a demand and distribution channel through the widespread adoption of smartphones.
Which of the following best describes the Internet of Things? The ability to give each individual a demand and distribution channel through the widespread adoption of smartphones. The ability to structure and exchange massive amounts of data, to make sense of that data to drive decisions, and even to apply data to deliver products or services. The ability to rapidly connect billions of devices to the Internet, offering the best chance to move nearer to real-time data on everything within the supply chain. The ability to reach previously unattainable levels of speed and agility in operations with improved quality levels that have the potential to drive productivity to new levels. The ability to change the basic economics of the job shop operating environment, enabling highly specific machining on site quickly and at low cost.
The ability to rapidly connect billions of devices to the Internet, offering the best chance to move nearer to real-time data on everything within the supply chain.
Which of the following best describes predictive analytics? The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer
The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes
Which of the following best describes sensors and automatic identification? The design and use of computer-controlled machines to automatically perform a series of actions or tasks traditionally performed by humans The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes
The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain
The goal of mitigation capabilities is _____? To lessen the impact of disruptions via recovery mechanisms, after their occurrence. To discover potential disruptive events before they occur, organizing them based on probability and impact. To lessen the impact of disruptions via recovery mechanisms, prior to their occurrence To develop the capacity to strengthen resiliency and continuity post-disruption. To compile historical data to prepare for and prevent a disruption, if possible.
To lessen the impact of disruptions via recovery mechanisms, prior to their occurrence
Why did KT's Wicked Dive Shop order massive quantities of some products? All of these answer choices are correct. To attract more customers. To obtain quantity discounts and lower transportation costs. To increase their in-stock rate/service level.
To obtain quantity discounts and lower transportation costs.
What innovation drives information visibility and is defined by soft data available via social media that systems can increasingly cull to find patterns? Intranet of Things Unstructured Data ERP Cognition
Unstructured Data
What additional information technology component should Kai and Thea consider to help manage the storage facility and the inventory stored there? Social media marketing tools. Customer management system. Artificial intelligence (AI) tools. Supplier management system. Warehouse management system.
Warehouse management system.
The order begins with__________ and ends when _______.
customer need recognition & the customer acknowledge their needs as fulfilled
When considering value fulfillment, we must remember that with longer planning horizons, uncertainty __________________. increases does not follow a pattern fluxgates decreases remains consistent
increases
The difference between the total supply chain order cycle time and the time customers are willing to wait to have their need fulfilled is known as the __________________. industry standard order cycle time. All of these answer choices are correct None of these answer choices are correct lead time gap optimized processing time
lead time gap
A(n) ___________ management system streamlines the administration and execution of business processes related to orders for goods and services. product transportation warehouse supply order
order
In a/an________________fulfillment system, collaborative capacity plans ensure that sufficient levels of inputs are in place in advance of demand, but no actual operations are conducted until after orders are received. precatory proactive responsive anticipatory efficient
responsive
A(n) ___________management system facilitates the movement of goods and raw materials from origin to destination in an efficient, reliable, and cost-effective manner. transportation supply product order warehouse
transportation
A(n) ___________management system helps organizations control and track the transfer and interim and final storage of goods and raw materials. order transportation warehouse product supply
warehouse
Social sustainability and its focus on the elimination of forced labor in a supply chain is particularly challenging when: Product margins are low Supply chains extend around the world Both global extension and many tiers of suppliers Supply chains create time and place value for customers Supply chains have many tiers of supply
Both global extension and many tiers of suppliers
Which of the following is the responsibility of GATT? Facilitate manufacturing sector growth Oversee the exchange rate system Bridge difficulties and financial crises in individual member countries Improve infrastructure and reduce poverty Reduce tariffs and bolster international trade
Reduce tariffs and bolster international trade
Which of the following is the most important factor for KT's Wicked Dive Shop continued success? A focus on changing trends in the dive equipment industry. All of these answer choices are correct. An emphasis on reducing costs company-wide. The ability to create the appropriate form, time, and place value. A willingness to make dynamic changes to the business in response to external environmental trends.
The ability to create the appropriate form, time, and place value.
The relation between coordination, collaboration, and communication across functional areas are specific to which mega-trend? Customer connectedness World-class measurement systems Process integration Planning management Information visibility
Process integration
EOQ seeks to balance order costs and the cost of carrying inventory .
order costs & the cost of carrying inventory
