Supply Chain Management
Operations and supply chain management includes which of the following activities?
-Improvement of systems that create the firm's primary products -Design of delivery systems -Operation of systems that create the firm's primary products
Last year, Ace Electronics had credit sales of $1,500,000. The average accounts receivable balance last year was $250,000. What was the receivables turnover ratio for Ace Electronics last year?
6
Which of the following is an example of a service business?
A call center
The analysis of data to provide better solutions to business problems is known as
Business Analytics.
Which of the following is NOT a major challenge likely to be faced by operations and supply chain managers in the future?
Developing appealing advertising and marketing materials for Internet customers.
Which of the following is NOT an efficiency measure used by Wall Street?
Employee turnover.
Just-in-time (JIT) production was pioneered by which country?
Japan
Which of the following processes involves the selection of suppliers?
Sourcing
Which of the following is true of services? (Check all that apply)
They are perishable. They are intangible.
Electronic commerce is defined as the use of the Internet as an essential element of business activity.
True
True or false: Operations and supply chain management is focused on the systems that create and deliver an organization's products and services.
True
The ratio of revenue to total assets is known as
asset turnover.
Doing the things that will create the most value for the customer is known as
effectiveness.
Doing something at the lowest possible cost is known as
efficiency.
Inventory turnover is a way to evaluate
supply chain efficiency.
The ability to meet current resource needs without compromising the ability of future generations to meet their needs is known as
sustainability.
Operations and supply chain processes are the activities that
transform inputs into outputs.
Last year, Ace Electronics had Revenue of $3,000,000. The Total Assets held by Ace Electronics last year was $1,000,000. What was the asset turnover for Ace Electronics last year?
3
Which of the following is (are) a common measure of efficiency used by Wall Street?
Days inventory. Asset turnover. Receivables turnover.
Which of the following tasks is an operations and supply chain manager likely to perform? (Select all that apply)
Ensures the shipping of finished products to customers Negotiates contract with vendors and coordinates flow of materials
Which of the following is NOT a type of process in the supply chain?
Evaluating
Mass customization refers to the ability to produce generic products that appeal to a broad range of customers.
False
Which of the following is an example of benchmarking?
Hiring a consultant to study customer satisfaction metrics with those of key competitors.
Business analytics has become more widely used because? (Select all that apply)
Mathematical tools have been developed to support the decision-making process. More data is captured now than in the past.
Business analytics is defined as the analysis of data to better solve business problems.
TRUE
Product-service bundling occurs when a firm adds a service activity to a product.
TRUE
The introduction of electronic commerce was facilitated by what event?
The growth of the Internet in the 1990s.
A process is made up of one or more activities that transform inputs into outputs.
True
An operations and supply chain manager helps firms determine the best way to deliver its goods and services.
True
Most product offerings are a combination of goods and services.
True
Which of the following is an example of a goods producing business?
Which of the following is an example of a goods producing business?
Receivables turnover is
a measure of the number of times receivables are collected, on average, during the fiscal year.
Inventory turnover is the ratio of the cost of goods sold to
average aggregate inventory value.
A process in which one company studies the processes of another company for best practices is known as
benchmarking.
A process that cannot be weighed or measured is known as
intangible.
The ability to produce a unique product exactly to a particular customer's requirements is known as
mass customization.
Building service activities into a firm's product offering is known as
product-service bundling.
