Supply Chain Exam 2 HW

What component of a time series is based on increasing or decreasing movements over many years and are due to factors such as population growth, population shifts, cultural changes, and income shifts?

trend variations

Green purchasing is a practice aimed at ensuring that purchased products or materials meet environmental objectives of the organization such as:

waste reduction

One benefit from benchmarking sourcing practices is:

Firms can learn through others experiences the methods and tools that work the best

The real value of CPFR comes from:

Firms exchanging forecasting information

If actual demand for a period was 108 and the forecast for that period was 103, what is the forecast error for the period?

5

According to the text, which of the following is one of the most effective supply chain integrative techniques? a. Early supplier involvement b. Single integrator solution c. Process integration d. Counterpurchasing

A

An important measurement used in supply base rationalization initiatives would include which of the following? a. The suppliers' greenhouse gas emissions b. The number of second-tier suppliers used by the supplier deliveries c. The number of trucks owned by the supplier d. The number of employees at the supplier

A

Environmental supplier certification programs can assist companies by doing which of the following? a. Identifying rogue suppliers before they can cause problems or disruptions in their supply chains b. Helping communities who are in jeopardy of plant closures c. Encouraging distributive negotiations in strategic alliance development d. Identifying companies who are the most popular with consumers

A

In a recent U.S. retailer survey, _____ of respondents claimed their organizations were either currently enhancing their ethical sourcing capabilities or planned to do so in the future. a. 92% b. 75% c. 80% d. 50%

A

The Amazon Kindle and Tesla's Model S automobile are two examples of: a. Innovative products b. Radio Frequency Identification (RFI) products c. Cyclical products d. functional products

A

Which of the following is NOT a step suggested in the Supply Chain Sourcing Strategy Framework? a. Compare supplier prices based on the lowest cost bid. b. Expand focus to include other departments and customers. c. Establish corporate ethical and sustainable sourcing policies. d. Prioritize items based on ethical and sustainability opportunities and ease of implementation.

A

Which of the following is NOT a step used in maintaining a successful strategic alliance program? a. Supplier managing inventory at customers' site b. Provide continuous evaluation of alliance performance, visibility and support c. Reward suppliers as performance merits d. Facilitate the dissemination of information

A

The term "benchmarking" as used in business firms is:

A practice where companies attempt to learn and apply the best practices of other companies

The Ethical Trading Initiative (ETI) is:

An alliance of organizations agreeing to implement the ETI Base Code.

A firm decides to intentionally increase purchases from ethnic minority businesses. This decision can be considered: a. Unitarianism b. Ethical Sourcing c. Illegal d. Unethical

B

Check My Work Which of the following terms refers to an act that creates the greatest good for the greatest number of people? a. Corporate responsibility b. Utilitarianism c. Social sustainability d. Multinational

B

Which of the following is NOT a benefit of better forecasts? a. Smoother production plans b. Improved corporate image among regulators c. Improved customer service d. reduced stock outs

B

Which type of forecasting technique would a firm likely use when launching a new product and historical data does not exist? a. Associative b. Qualitative c. Quantitative d. Time Series

B

According to the text, for long-term forecasts, it is recommended that which type of forecasts be used? a. Qualitative b. Quantitative c. Combination of both qualitative and quantitative d. Forecasts cannot be developed for the long term

C

According to the text, which of the following two approaches are used in deciding whether or not an action is ethical? a. Supplier involvement and environmental performance b. Critical quality and corruption framework c. Utilitarianism and rights & duties d. General Agreement on Tariffs & Trade (GATT) and leverage purchasing

C

Which of the following hastened many organizations' plans to institute better supply chain strategies in the recent past? a. Donald Trump being elected President of the U.S. b. The ban on Muslim people from a select group of countries c. The British vote to exit the EU d. Volkswagen Group installing a secret device in cars that allows them to cheat on emissions tests

C

Which forecasting method would use the size of the advertising budget as a variable in the forecasting technique? a. Random variation forecasting b. Business cycle forecasting c. Time series forecasting d. Cause-and-Effect forecasting

D

Which of the following can be a result of successful strategic supplier alliances? a. Access to new technologies and knowledge b. Better market penetration c. Higher return on investment d. All of these choices are correct.

D

Which of the following is NOT a key area to focus on, in order to establish sustainable sourcing, as identified by a U.K. Food Industry Group on Ethical Trade? a. Work within the finite limits of the planet's resources b. Respect human rights and reduce poverty by creating profitable trading c. Move towards a low carbon economy d. Procurement rationalization

D

Which of the following should NOT be used as assessment criteria to evaluate the purchasing department's performance? a. Optimizing the supply base b. Participating in value engineering/value analysis efforts c. Contributing to new product developments d. Lowering inventory turnover rates

D

In forecasting, a tracking signal is used to:

Determine if the forecast bias is within the acceptable control limits

Identifying and selecting environmentally and socially conscious suppliers is one trend followed by firms utilizing:

Ethical and sustainable sourcing

Firms assess their sourcing capabilities because:

Monitoring the purchasing function's performance, helps firms to continuously improve their products and processes

What are the benefits of CPFR?

Strengthens partner relationships Provides analysis of sales & order forecasts Uses point-of-sale data, seasonal activity, promotions, to improve forecast accuracy Manages demand chain & eliminates problems before they appear Allows collaboration on future requirements & plans

The formula for forecast error is calculated by using the equation:

actual demand - forecasted demand

Proper demand forecasting enables _____________________ for businesses to be competitive.

better planning and utilization of resources

What are the types of qualitative forecasting?

consumer survey jury of executive opinion Delphi method sales force composite

What are the top 3 challenges for CPFR?

cost trust difficulty making internal changes

A company is conducting forecasting that revolves around the global recession and real estate crises. This type of forecasting can be referred to as what component of a time series?

cyclical variations

CPFR relies heavily on?

firms sharing information

The impact of poor communication and inaccurate forecasts along the supply chain can cause:

material shortages