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Module 3: Supply Chain Improvements and Best Practices
The last module will address the objectives listed below:
- Measuring, analyzing, and improving the supply chain. Thus, you will get skilled in the techniques and tools of long-lasting improvement and how the performance alongside capabilities can contribute to this process.
- Complying with regulations, standards, and sustainable best practices. Here, you will deal with the standards & regulations of the jurisdictions where funds flow and will know more about sustainable business practices.
- Managing risk in the supply chain. This area will teach you how to efficiently respond to risk events for overall business success.
NEW QUESTION 183
As reported by retail customers, what is the most influential factor affecting their decision topurchase a product?
- A. product quality
- B. actual price
- C. anticipated product life
- D. bundle of services surrounding the product
Answer: D
NEW QUESTION 184
Which of the following statements best identifies the value of using a supplier rating system?
- A. It ensures that all suppliers are using the same quality standards to manufacture products.
- B. It allows customers to post chargebacks to suppliers.
- C. It provides an objective means for a company to determine outstanding suppliers.
- D. It offers a company an effective way to control suppliers' delivery processes.
Answer: C
Explanation:
Section: Implementation and Operations
NEW QUESTION 185
What is a short-term alliance between independent organizations called that may potentiallydefine a long-term relationship to design, produce, and distribute a product?
- A. product-driven organization
- B. agile organization
- C. virtual organization
- D. strategic alliance
Answer: C
NEW QUESTION 186
Which of the following statements regarding ANSI Z.10 occupational satisfy and health standards is correct?
- A. They are a mandatory standard on occupational health and safety management systems.
- B. They are an extension of the ISO 31000 Risk management standard.
- C. They require training and reevaluation for organization safely.
- D. They are compatible other managed system standards, such as ISO 9000 and 14000 Series.
Answer: A
NEW QUESTION 187
The most appropriate reason for a business to comply with the United Nations (UN) Global Compact practices typically would be to:
- A. gain access to proven management tools.
- B. reduce the threat of organized labor.
- C. reduce the cost of operating in multiple countries.
- D. enhance the competitive advantage.
Answer: D
NEW QUESTION 188
A large manufacturer wanting to be more competitive in the global market place decided to outsource its transportation and return processing to other companies on a contractual basis. The companies providing the services would be referred to as:
- A. third party logistics providers.
- B. retail services providers.
- C. distribution services providers.
- D. fourth party logistics providers.
Answer: A
NEW QUESTION 189
Which of the following activities is critical to successful synchronization of supply and demand throughout a supply chain?
- A. Maintaining increased inventories
- B. Reducing the number of deliveries
- C. Placing large orders to obtain lower prices
- D. Sharing demand information
Answer: D
NEW QUESTION 190
Which of the following activities typically would be an appropriate application of the ISO 31000 Risk Management Principles and Guidelines?
- A. Calculating a risk index for each facility
- B. Projecting the ability of a facility to recover from an event
- C. Preparing for risk management accreditation
- D. Establishing external risk communications processes
Answer: D
Explanation:
Section: Supply Chain Strategy, Design, and Compliance
NEW QUESTION 191
Which of the following documents govern all the legal aspects of physical carriage ?
- A. bill of materials
- B. bill of lading
- C. invoice
- D. advance shipping notice
- E. packing slip
Answer: B
NEW QUESTION 192
Which of the following tools is most appropriate for understanding why products fail?
- A. Control chart
- B. Pareto analysis
- C. Root cause analysis
- D. Run chart
Answer: C
NEW QUESTION 193
All of the following are characteristics of functional products EXCEPT:
- A. little variety
- B. end-of-season markdowns
- C. very few stockouts
- D. stable demand
- E. relatively low contribution margins
Answer: B
NEW QUESTION 194
Which of the following strategies is most appropriate for managing unknown risks in a global supply chain?
- A. Vertical integration
- B. Strengthening supplier relationships
- C. Technology integration with suppliers
- D. Investing in redundancy
Answer: D
NEW QUESTION 195
Which of the following products most likely creates the greatest amount of stress on its supplychain?
- A. innovative products
- B. seasonal products
- C. functional products
- D. mature product
Answer: A
NEW QUESTION 196
A master production schedule serves a company best by functioning as a:
- A. priority planning tool.
- B. supplier scheduling system.
- C. forecast system buffer.
- D. dispatch list.
Answer: A
NEW QUESTION 197
A supplier disputes a low rating generated by a company's enterprise resources planning (ERP) system.
Which of the following actions by the purchasing agent is most appropriate?
- A. Compare the vendor and company detail records, and interview company employees who handled the data.
- B. Tell the supplier that, regardless of the disputed claims, the supplier must improve performance.
- C. Advise the ERP information technology manager that there is a flaw in the rating system.
- D. Scrap the vendor rating system until the company can figure out what is wrong.
Answer: A
NEW QUESTION 198
What are the steps in the supplier relationship process?
- A. Measure, procure, fulfill, model
- B. Measure, fulfill, document, model
- C. Source, procure, fulfill, manage
- D. Source, document, manage
Answer: C
NEW QUESTION 199
A retailer wants to partner with its suppliers to implement automatic replenishment of inventories and joint sales forecasts. Which of the following supply chain management technologies most likely would support the retailer's strategy?
- A. Supplier relationship management applications
- B. Radio frequency identification (RFID) tags
- C. Advanced planning and scheduling
- D. Collaborative planning, forecasting, and replenishment
Answer: D
NEW QUESTION 200
Supply chains and supply chain processes exist in which of the following organizations?
I. for-profit organizations
II. military organizations
III.
charitable organizations
- A. I and II
- B. I, II and III
- C. II
- D. I and III
- E. I
Answer: B
NEW QUESTION 201
Bullwhip effect can be reduced by which of the following combinations of actions?
- A. Shortage gaming, frequent ordering, consistent pricing
- B. Information sharing, frequent ordering, consistent pricing
- C. Information sharing, frequent ordering, variable pricing
- D. Information sharing, batch ordering, variable pricing
Answer: A
NEW QUESTION 202
Which U.S. Customs regulation gives priority customs clearance to businesses that have tightersupply chain security?
- A. EDIFACT
- B. Safe Harbor Act
- C. C-TPAT
- D. Priority Clearance Act
- E. AIDC
Answer: C
NEW QUESTION 203
What is the unintended effect of customers requiring complete shipments?
- A. Customers tend to purchase in smaller quantities to ensure shipments are complete.
- B. Customers requiring complete shipments have no impact on the supply chain.
- C. Suppliers have to maintain much higher inventory levels.
- D. Suppliers will not have as much inventory since orders are shipped complete.
Answer: C
NEW QUESTION 204
What is the inventory turnover for a company with the following financial data?
- A. 8.03
- B. 1.91
- C. 4.64
- D. 19.50
Answer: B
Explanation:
Section: Mixed questions
Explanation/Reference: https://www.investopedia.com/ask/answers/070914/how-do-i-calculate-inventory-turnover-ratio.asp
NEW QUESTION 205
A key challenge in managing the supply chain for an innovative product is that:
- A. the product life cycle will be long.
- B. product demand will be volatile.
- C. inventory levels must be minimal.
- D. contribution margins will be slim.
Answer: B
NEW QUESTION 206
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