SCM and Logistics

What is supply chain management?

• A process to recycle old products

• The coordination of activities to deliver goods and services from raw materials to end customers

• A strategy to sell products at a higher price

What is the primary goal of supply chain management?

• Minimizing customer satisfaction

• Maximizing waste in production

• Maximizing efficiency and minimizing costs

In supply chain management, what does "sourcing" refer to?

• Delivering products to customers

• Choosing suppliers and establishing relationships with them

• Recycling products after use

What does "logistics" refer to in supply chain management?

• Predicting customer demand

• Predicting customer demand

• Coordinating resources and activities for the movement of goods

What role do modern technologies like AI and IoT play in supply chain management?

• They make supply chain management unnecessary

• They complicate the supply chain processes

• They optimize and streamline supply chain activities

What does "inventory management" involve in supply chain management?

• Selling products quickly to reduce storage costs

• Managing the levels of raw materials only

• Ensuring the right amount of products are available without excessive storage costs

What does the "buy-side" in supply chain management refer to?

• Selling products directly to customers

• Purchasing and sourcing raw materials and goods from suppliers

• Managing inventory levels in the warehouse

What do the "7 R's" in logistics stand for?

• Receive, Record, Report, Respond, Retain, Reward, Review

• Reduce, Reuse, Recycle, Refurbish, Rethink, Repair, Replenish

• Right product, Right quantity, Right condition, Right place, Right time, Right customer, Right cost

What is the primary focus of the "sell-side" in supply chain management?

• Managing production processes

• Coordinating transportation of goods to customers

• Delivering products and services to end customers and optimizing customer interactions

What does Pareto's Law, or the 80/20 principle, state in supply chain management?

• 80% of profits come from 20% of customers or products

• 80% of the time should be spent on planning and 20% on execution

• 80% of transportation should be done using sea routes and 20% using air routes