The difference between the total supply chain order cycle time and the time customers are willing to wait to have their need fulfilled is known as the __________________.

industry standard order cycle time.

The first step the supply chain must take after an order is transmitted is to ask:

where and when should we position the product or service.

how much should we produce or purchase.

what should we produce or purchase.

Which of the following are included in the cost of carrying inventory?

The cost of the facility where inventory is held

Utility costs for holding facilities

The order cycle begins with customer need recognition and ends when the customer acknowledges their need as fulfilled .

the customer acknowledges their need as fulfilled

Which of the following best describes predictive analytics?

The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes

The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer

The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers

The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain

Which of the following best describes inventory and network optimization tools?

The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers

The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain

The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer

The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes

The design and use of computer-controlled machines to automatically perform a series of actions or tasks traditionally performed by humans

Which of the following best describes sensors and automatic identification?

The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain

The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes

The design and use of computer-controlled machines to automatically perform a series of actions or tasks traditionally performed by humans

The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers

The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer

Which of the following best describes ERP?

A reporting system that leverages a centralized repository, which contains organizational and transactional data

A reporting system that allows companies to optimize their procurement strategy, to work more effectively with their supplier pool, and to gain long-term benefits from all supplier relationships

A reporting system meant to help personnel identify and nurture leads, convert leads to customers, and retain new and existing customers

A reporting system that compiles historical sales trends to better predict future demand

A reporting system that facilitates a shared understanding of product ideation, development, and launch by storing product data and history

Which of the following best describes SRM?

A reporting system that allows companies to optimize their procurement strategy, to work more effectively with their supplier pool, and to gain long-term benefits from all supplier relationships

A reporting system that facilitates a shared understanding of product ideation, development, and launch by storing product data and history

A reporting system that leverages a centralized repository, which contains organizational and transactional data

a reporting system that compiles historical sales trends to better predict future demand

A reporting system meant to help personnel identify and nurture leads, convert leads to customers, and retain new and existing customers

Which of the following best describes cloud computing and storage?

The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer

The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes

The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers

The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain

The design and use of computer-controlled machines to automatically perform a series of actions or tasks traditionally performed by humans

Electronic Data Interchange does which of the following?

helps to create electronic linkages between supply chain partners

establishes electronic linkages by facilitating interorganizational exchanges of information

What system would help better manage their storage facility and track the inventory they hold there?

Enterprise Resource Planning (ERP) system.

Customer Relationship Management (CRM) system.

Human Resource Management System (HRMS)

What additional information technology component should Kai and Thea consider to help manage the storage facility and the inventory stored there?

Artificial intelligence (AI) tools.

How would an integrated information system create value for KT’s business?

Faster response to customer demand with reduced inventory and operating costs.

Improved sourcing resulting in lower cost of goods, improving KT’s bottom line.

Greater margins on all products, achieving the higher profits their investors demand.

The ability to expand to global markets, unlocking additional revenue opportunities.

What solution did Kai and Thea consider to meet the expectations of their new investors?

Implementing an integrated information system.

Increasing their marketing spend.

Their investors want to know how investment in an integrated information system brings ROI. Kai and Thea’s response should include how the new IT system will:

Reduced cost of goods sold through better supplier management

Reduce operating costs through better managing the store, transportation, and warehousing

Increase revenue through better customer service.

Improve asset management through better management of inventory.

How could KT’s mitigate the risk of a supply disruption due to the failure of a key dive equipment supplier?

Diversify the supply base by increasing the number of suppliers in varied locations.

Nothing needs to be done; failure of a key supplier is unlikely.

Hold excessive levels of inventory to hedge against failure without regard to carrying costs.

Sole source; reduce the number of suppliers for each item/category.

Which of the following are possible risks which Kai and Thea may be exposed to?

Drop-off in demand for products, for which high levels of inventory are held.

The instance of a hacker breaking into their order management system.

Inability to find labor to work in their new storage facility.

The failure of one of their key suppliers.

Based on the case, which country seems to be the best location for sourcing many of KT’s products?

Any of these choices are suitable

Which of the following are appropriate criteria for selecting a sourcing location?

Both favorable trade partnerships plus low customs duties and tariffs and exchange rates

Suppliers with the best website and broadest product line, irrespective of their location

Low customs duties and tariffs, as well as a favorable currency exchange rate.

Favorable trade partnerships (ex. United States-Mexico-Canada, USCMA agreement).

Locations offering the lowest unit purchase price.

What risk mitigation strategy would best hedge against demand risk, where the demand for products with high levels of inventories suddenly drops off?

Shorten cycle time for supply orders to reduce inventory risk.

Increase the number of products held in inventory to ensure high availability.

Invest in more accurate demand forecasting tools.

Any of these actions would be effective.

Implement a more aggressive (and costly) marketing campaign to boost sales.

The goal of risk assessment is ______?

To discover potential disruptive events before they occur, organizing them based on probability and impact.

To lessen the impact of disruptions via recovery mechanisms, prior to their occurrence.

To lessen the impact of disruptions via recovery mechanisms, after their occurrence.

To compile historical data to prepare for and prevent a disruption, if possible.

To develop the capacity to strengthen resiliency and continuity post-disruption.

Some risk mitigation and management techniques include _____

Increasing suppliers, increasing inventory

Increase supply chain distances

Don’t have a dynamic supply chain risk management strategy

Increasing cycle times and responsiveness

Centralize supply/manufacturing/distribution facilities

Which of the following is the responsibility of GATT?

Reduce tariffs and bolster international trade

Improve infrastructure and reduce poverty

Oversee the exchange rate system

Bridge difficulties and financial crises in individual member countries

Facilitate manufacturing sector growth

The goal of mitigation capabilities is _____?

To lessen the impact of disruptions via recovery mechanisms, prior to their occurrence

To develop the capacity to strengthen resiliency and continuity post-disruption.

To compile historical data to prepare for and prevent a disruption, if possible.

To discover potential disruptive events before they occur, organizing them based on probability and impact.

To lessen the impact of disruptions via recovery mechanisms, after their occurrence.

The goal of risk management capabilities is _____?

To lessen the impact of disruptions via recovery mechanisms, after their occurrence.

To lessen the impact of disruptions via recovery mechanisms, prior to their occurrence.

To develop the capacity to strengthen resiliency and continuity post-disruption.

To compile historical data to prepare for and prevent a disruption, if possible.

To discover potential disruptive events before they occur, organizing them based on probability and impact.

Which of the following is an advantage of adopting a REGIONAL supply chain strategy?

Sourcing, manufacturing, and selling products in close country groupings

Finding lower-cost manufacturing within country groups

Similar cultures that often want similar products

Managing inventory across countries within the region

Which of the following lowers the risk of supply chain vulnerability due to disruption or delay?

Increasing supply chain resiliency and flexibility

Pursuing emerging markets to increase sales

Increasing outsourcing to low cost countries

Decreasing supply chain inventory

Reducing the supplier base to just one supplier

Which of the following is an advantage of adopting a GLOBAL supply chain strategy?

Expanded base of suppliers to cut costs or to gain access to materials not found domestically

Lower inventory levels due to closeness to customers

Higher unit production cost due to labor arbitrage and increased volume

Lower transportation costs due to shorter distances

Higher material costs due to supplier limitations

How can Kai and Thea positively impact society through their supply chain operations?

Hire people with developmental disabilities to work in the storage facility to store, pick, and pack inventories.

Automate their warehousing operations as much as possible.

Implement self-checkout kiosks to cut costs and improve the customer experience.

How can KT's Wicked Dive Shop improve its social impact through its supplier relationships?

Both work with vendors to ensure no child or slave labor plus require them to sign a code of conduct.

Require vendors to sign a code of conduct that upholds their commitment to ethical and sustainable business practices.

Work with vendors to ensure they do not use upstream suppliers that utilize child or slave labor.

Source products globally without regard to supplier labor practices to provide customers with the best value possible.

How can KTWDS utilize transportation to impact environmental improvement and also offer economic benefits?

Better materials management, ensuring inbound orders are consolidated to reduce the number of shipments.

Decrease shipment consolidation by shipping all items in a customer order individually to reduce lead times.

Procure and sell all items without packaging to reduce waste, despite the protection they provide for items during the transportation process.

Outsourcing their physical distribution (outbound) shipping operations to a third party.

What initiative could help KT’s reduce their environmental impact and potentially recover economic value from returned products?

Better managing returns and finding ways to return products to the shelf or resale market.

Implementing an “all sales final – no returns allowed” policy.

Disposing all returned products in landfills to avoid the burden of processing returns.

How can KT’s positively impact the environment and achieve economic benefits in their supply chain operations at the product level?

By emphasizing the sourcing and selling of sustainable products.

By encouraging customers to bring in their own reusable shopping bags.

By reducing, reusing, and recycling product packaging.

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Jeffrey Williams

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FREE Resource

High product value and long product life cycles

High demand uncertainty and long product lifecycles

Short product life cycles and low demand uncertainty

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

EOQ seeks to balance order costs; carrying costs and the cost of carrying inventory .

order costs; carrying costs

the cost of carrying inventory

Both of these answers are correct

Neither of these answers are correct

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What prompted Kai and Thea to reevaluate their customer value strategy?

What was the problem with KT's initial supply chain strategy?

What made Kai and Thea realize that their supply chain strategy needed adjustments?

Why did KT's Wicked Dive Shop order massive quantities of some products?

What is the main goal of adjusting the supply chain for different customer segments?

Responsive value creation is best for products characterized by which of the following.

EOQ seeks to balance order costs; carrying costs and the cost of carrying inventory .

_______________ involves applying a set of process improvement techniques with a goal of improving efficiency.

When considering value fulfillment, we must remember that with longer planning horizons, uncertainty __________________.

The difference between the total supply chain order cycle time and the time customers are willing to wait to have their need fulfilled is known as the __________________.

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