Wednesday, May 13, 2020

Quiz Questions On Supply Chain Management - 1170 Words

Quiz 1 Supply chain management Supply chain management: It is defined as effective control of flow of material, information and finance in a network consisting of suppliers, manufacturers, distributors and customers. Schematic representation: Effective functioning of supply chain requires †¢ Coordination: proper coordination should exist in supply chain to meet the demands of the customers at right time, right place with right quality †¢ Collaboration: there should be proper collaboration between parties so that whole supply chain can benefit. †¢ Information sharing: There should be information sharing between vendors and buyers about specifications, costs and time limits By understanding the demand side and supply side uncertainties and creating a value to the customers, supply chain can gain profitability. Demand side uncertainties: low-functional product; high-innovative product Supply side uncertainties: low-stable process; high: evolving process †¢ Efficient supply chain: by enhancing the capacity utilization in production and distribution operations, one can aim for increased productivity †¢ Risk Hedging supply chains: In this type, profitability can be achieved by using inventory pooling and developing multiple supply bases †¢ Responsive supply chains: Focus is on responsive and flexible supply chain based on postponement and build to order strategies. †¢ Agile supply chain: Decoupling is practiced as a means of pooling inventory and capacity resources. 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