Supply Chain Mngt 3 Practice Quiz 1

It is something of value that was promised in exchange for the specified action or nonaction. This can take the form of a significant expenditure of money or effort, a promise to perform some service, an agreement not to do something or reliance on the promise.

• Bonding

• Quotations

• Consideration

• Supply Chain Technology

It is known as a feedstock, unprocessed material, or primary commodity, and is a basic material that is used to produce goods and finished products, these are semi-processed materials intended for further processing.

• Commodities

• Inventory

• Supplies

• Raw materials

They are professionals who help businesses and develop options that can make the business remain competitive.

• Business Professionals

• Forecasting Professionals

• Purchasing Professionals

• White Collar Professionals

It consists of multiple firms collaborating to leverage strategic positioning and improve operating efficiency.

• Economic Value

• Logistics

• Market Value

• Supply Chain Management

It is a proposal made to someone to offer into a contract and an invitation.

• Bid Bonds

• Contract

• Letter

• Offer

A developing discipline and an area of management specialization. It is simply related to purchasing and procurement.

• Supplier

• Supply and demand

• Supply depo

• Supply management

It is a written guarantee from a third party submitted to the customer or client by a contractor with his bid.

• Bid bond

• Firm offer

• Option contract

• Oral contact

It means self-interest seeking on the part of an organization involving some kind of guile or deliberate deceit

• Asset Specificity

• Opportunism

• Outsourcing

• Transaction Cost

Quality Management includes all the functions of the organization to design and provide quality products and services that fulfill the customers' needs and generate ultimate satisfaction. The core concepts of quality management are quality planning, quality control, and quality improvement. The traditional approach of quality management covers the typical inspection aspect and the ‘do it right from the first time’ concept. How will you compare Total Quality Management to Quality Management?

• It is not long-term planning

• It is partially a never-ending process

• It is the inconsistent improvement in the quality

• It is mainly concerned with continuous improvement in all work

All the departments of a company with a wide geographical distribution can make purchases through a common purchasing organization that enables the buying firm to do a better job of monitoring various changes throughout the industry.

• Centralized purchasing

• Indexing

• Forecasting

• Tracking