Supply Chain Management Quiz

What is the primary objective of supply chain management?

• Minimizing costs

• Maximizing revenue

• Maximizing efficiency and customer satisfaction

• Minimizing lead times

Which of the following is NOT a key component of the supply chain?

• Suppliers

• Manufacturers

• Customers

• Investors

Imagine a popular toy manufacturer experiencing a sudden spike in demand for a new toy. How does this scenario illustrate the "bullwhip effect" in supply chain management?

• Rapid increase in demand

• Slowdown in production

• Overestimation of inventory needs

• Amplification of demand fluctuations up the supply chain

Which inventory management technique focuses on minimizing the amount of inventory held in the supply chain?

• Economic Order Quantity (EOQ)

• Just-In-Time (JIT)

• Material Requirements Planning (MRP)

• ABC analysis

What is the primary goal of demand forecasting in supply chain management?

Which of the following is NOT a common supply chain risk?

• Supplier bankruptcy

• Natural disasters

• Decreased customer demand

• Overproduction

What does the term "vendor-managed inventory (VMI)" refer to in supply chain management?

• Suppliers manage the inventory levels of their customers

• Customers manage the inventory levels of their suppliers

• Both suppliers and customers collaborate to manage inventory levels

• Inventory management is outsourced to a third-party vendor

Which performance metric measures the efficiency of inventory management by calculating the ratio of cost of goods sold to average inventory value?

• Inventory turnover ratio

• Fill rate

• Perfect order fulfillment

• On-time delivery

What does the term "supply chain visibility" refer to?

• The ability to track products throughout the supply chain

• The transparency of supplier pricing

• The ease of communication between supply chain partners

Which supply chain strategy focuses on collaborating closely with suppliers and customers to achieve mutual benefits?

• Lean supply chain

• Agile supply chain

• Responsive supply chain

• Collaborative supply chain