Supply chain management

What does the term “supply chain” refer to in business?

• The process of marketing a product

• The network of companies involved in producing and delivering a product

• The financial management of a company

Which of the following is NOT a primary objective of supply chain management?

• Reducing costs

• Enhancing customer satisfaction

• Maximizing shareholder, profits

What is the primary goal of inventory management in supply chain operations?

• To have the highest possible inventory levels at all times

• To minimize inventory carrying costs while ensuring product availability

• To increase leadtimes for product delivery

What does “Just-in-Time” (JIT) inventory management aim to achieve?

• To maximize inventory levels to avoid stockouts

• To minimize inventory holding costs, while having material arrived, just when needed

• To accumulate surplus inventory as a buffer against uncertainty

Which phase of the supply chain involves delivering products to the end customer?

• Procurement

• Production

• Distribution

What is the main purpose of demand forecasting in supply chain management?

• To accurately predict the weather for efficient, transportation planning

• To estimate future customer demand for products

• To determine the best distribution channels for a product

Which key performance indicator (KPI) measures the time it takes for a product to move from the supplier to the customer?

• Return on investment (ROI)

• Lead Time

• Inventory Turnover

What is the term for the practice of selecting and managing suppliers based on their ability to meet a company’s quality and performance standards?

• Outsourcing

• Supplier Relationship Management (SRM)

• Vendor Lock-In

What is the primary goal of supply chain sustainability efforts?

• Maximizing, short-term profits

• Reducing the environmental and social impact of supply chain operations

• Increasing leadtimes for product delivery

Which technology plays a significant role in improving supply chain visibility and traceability?

• Social media marketing

• Blockchain

• Virtual reality