Supply Chain Chapter 1, 5, 6 and 7 Quizzes
Preferred suppliers are trusted partners who provide: A. Early supplier involvement in product development B. Capacity to competitors to meeting their unexpected demand. C. Cost inefficiency due to economies of scale. D. Obstacles in managing the supply market
A
Several key benefits of supplier recognition programs include all the following except: A. Eliminates Entry Barriers for Competitors B. Encourage Suppliers to Adapt to the Company's Culture C. Motivate Suppliers to Perform Better D. Improve Supplier Loyalty and Commitment
A
Supply Chain Visibility refers to: A. identifying your suppliers and customers beyond Tier 1 to ensure you policies are followed throughout the supply chain B. Keeping high inventories throughout the supply chain so customers can see all the inventory available C. Not sharing information between supply chain partners to protect intellectual property D. Balancing competing goals throughout the supply chain
A
Which of the following is not one of the 3 P's of the Triple Bottom Line A. Product B. Profit C. Planet D. People
A
Which of the following would be a good reason to outsource (buy) versus make an item? A. A firm lacks the technology or expertise to produce an item B. To utilize existing capacity within a company's own firm C. To have more direct control over the design and production of an end item D. No competent supplier presently produces the needed item
A
A potential strategic sourcing strategy for innovative products is: A. low cost suppliers, Multi-sourced. B. Long term partnership. Sole-sourced C. Simplify and streamline purchasing process D. Drive transportation economies
B
Bidders on government contracts are often required to furnish bonds as part of the bidding process. Which bond provides a guarantee that the work will be completed as agreed in the contract? A. Bid Bond B. Performance Bond C. Payment Bond D. Savings Bond
B
International Organization for Standardization (ISO) is a widely accepted standards organization that certify companies. The certification for Quality is: A. ISO 6000 B. ISO 9000 C. ISO 14000 D. ISO 26000
B
Most definitions of Supply Chain Management revolves around 2 key words A. Profit & Inventory B. Management & Customers C. Purchasing & Logistics D. Logistics & Customers E. Management & Profit
B
The keys to developing successful supply partnerships include all of the following EXCEPT? A. Personal Relationships B. Individualized Objectives C. Mutual Benefits and Needs D. Performance Metrics
B
What is the term that is often used for the acquisition of services? A. Purchasing B. Contracting C. Requisitioning D. Ordering
B
Which of the following is an advantage of a centralized purchasing organization? A. Knowledge of local requirements B. Leveraging purchase volume C. Customization D. Bureaucracy
B
Which of the following would be a good reason to make versus buy an item? A. A firm lacks the technology or expertise to produce an item B. To utilize existing capacity within a company's own firm C. To have less direct control over the design and production of an end item D. Many competent suppliers presently produce the needed item
B
Benefits of implementing an effective supplier certification program include all of the following EXCEPT?Benefits of implementing an effective supplier certification program include all of the following EXCEPT? A. Building long-term relationships B. Reducing time spent on incoming inspections C. Increasing the supplier base D. Recognizing excellence
C
How many Rights are in the "R's Rule" of supply chain management? A. 5 B. 6 C. 7 D. 8
C
In the history of supply chain, the 1980's through early 2000's saw: A. Manufacturers focus on mass production techniques B. Manufacturers focus on inventory reduction C. Companies facing intense global competition D. Companies focus on their own core competencies
C
Managing a firm's external resources in ways that support the long-term goals of the firm can be referred to as? A. Ethical souring B. Functional sourcing C. Strategic sourcing D. Hybrid Sourcing
C
Supplier Relationship Management (SRM): A. Involves focusing on small suppliers with minimal impact on profitability B. Involves managing suppliers in a self-interested, one-sided outcome method for the sole benefit of the company C. Involves developing partnerships with key suppliers D. Involves all suppliers in the supply base
C
The following term refers to an act that creates the greatest good for the greatest number of people? A. Rights and duties B. Corporate responsibility C. Utilitarianism D. Social sustainability
C
VMI stands for? A. Vertically Managed Inventory B. Vendor Made Inventory C. Vendor Managed Inventory D. Vendor Management Incentives
C
What was #1 from the Top 10 SCM innovations video? A. Ocean Shipping Container B. Ford Assembly Line C. Toyota Production System D. P&G Continuous Replenishment System
C
Which of the following is NOT one of the primary goals of Purchasing? A. Ensure the uninterrupted flow of materials and services at the lowest total cost B. Improve the quality of the finished goods produced C. Increase the supplier base D. Optimize customer satisfaction.
C
Which of the following is not a part of the Ethical Trading Initiative Base Code. A. Employment is freely chosen B. No child labor used C. Working hours are excessive D. Regular employment is provided
C
An organization's process for evaluating the quality systems of key suppliers in an effort to eliminate incoming inspections can be referred to as? A. Quality Systems Certification B. Supply Management C. Supplier Inspection D. Supplier Certification
D
In the General Portfolio Sourcing Categories, The Bottleneck category has A. Low supply risk, high value B. High supply risk, high value C. Low supply risk, low value D. High supply risk, low value
D
It is important to actively monitor a supplier's performance and provide visibility and feedback on supplier performance at each stage of the evaluation process. Some relevant metrics include all of the following except: A. Product quality B. Delivery performance C. Financial stability D. Inventory level
D
The sourcing strategies including; Ensure availability of supply, Focus on relationship building, encourage process integration and innovation are appropriate for which item category? A. Non-Critical Items B. Bottleneck Items C. Leverage Items D. Strategic Items
D
Successful supplier relationships involve aligned capabilities. This means the capabilities must be synergistic for maximum benefit True or False
True
An effective supplier certification program should increase the time spent on incoming inspections true or false
false
Award-winning suppliers serve as role models for other suppliers and may therefore be exempt from audits and certification programs true or false
false
Import Merchants are agents licensed by the governmental regulatory authority to conduct business on behalf of importers, for a service fee. true or false
false
In the Make-to-Order or Pull Model, stock is produced based on anticipated (i.e., forecasted) demand. true or false
false
Profit-Leverage Effect states that a decrease in purchasing expenditures will directly decrease profit true or false
false
Service firms offer intangible products (meaning products that cannot be physically touched), therefore, they do not have a supply chain. true or false
false
The goal of Supply Chain Management is to increase customer service by increasing inventory and reducing costs. true or false
false
A purchase order is where the terms of sale are identified. true or false
true
Outsourcing allows a firm to concentrate on core capabilities and reduce staffing levels true or false
true
Supply Base Rationalization is the reduction in the supply base to consolidate the number of suppliers as low as possible without increasing risk. true or false
true