Supply Chain Basics
This is defined as two or more parties linked by flows of material, information, and money
What is a supply chain?
This sub-discipline manages the forward and reverse flow of goods from origin to consumption
What is logistics management
This term refers to the extra stock kept to avoid running out
What is safety stock
This model helps determine how much to order and when
What is the Economic Order Quantity (EOQ) model
The primary purpose of a supply chain
What is to satisfy customer needs?
This discipline integrates sourcing, procurement, conversion, and logistics across firms
What is supply chain management
This cost is associated with storing inventory
What is holding cost
These factors impact decisions on when to produce
What are seasonality, labor costs, and demand uncertainty
The only true source of revenue in a supply chain
What is the customer
The three fundamental trade-offs in logistics
What are production, storage, and transportation
This type of planning determines when resources should be produced
What is aggregate resource planning
Three key factors when choosing a transport mode
What are cost, transit time, and risk of damage/loss
The two types of strategies supply chain managers often choose between
What are efficiency and responsiveness
The fastest method of transporting urgent goods internationally
What is air transportation
This question must be answered first in supply chain planning
What is “Who are you and what process are you using
This term describes how multiple countries add value to a single product
What is global value chain contribution
The role of this type of supplier can skew risk and negotiation power in the supply chain
What is a sole supplier
These are three flows that logistics and supply chain management must coordinate
What are materials, information, and cash
A key difference between a supply chain and a linear process
What is that a supply chain is a sophisticated network rather than a straightforward hand-off system
Logistics is often defined as delivering the right product at the right time, place, cost, condition, customer, and this
What is quantity