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UARK INTRODUCTION TO SUPPLY CHAIN
EXAM 1 QUESTIONS AND CORRECT ANSWERS
GRADED A+ 2025
Average inventory last year was $100,000 and turns or 10. What was the cost of good sold last year?
$1,000,
safety stock is ______.
the expected number of units on hand just before a replenishment is received and available for use or sale
Resilience in the 4 R's of supply chain competition is defined as being able to _________________.
deal with unexpected disruptions in the supply chain
which of the following products Would you expect to acquire the most safety stock? Product A: standard deviation of sales is 30, standard deviation of lead time is 30
Product B: standard deviation of sales is 25, standard deviation of lead time is 15
Product A
Reliability in the 4 R's of supply chain competition is defined as being able to _________________.
consistently execute an activity or process at a target level of performance
justin's plumbing supply operates 365 days a year. Annual inventory turns of faucets is nine. How many days of supply does that represent?
41
Supply chain management is the management of the ____ a business processes between functions and a firm and with suppliers and customers
integration
Companies outsource for many reasons. Which of the following is typically a reason for outsourcing
all of the above
A process is an ordered set of _____
A ______ Is a set of three or more organizations directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer
Supply chain
Validating cost savings from SC activities and identifying the impact of SC initiatives on corporate performance indicators, including ROI and RONA are examples of supply chain support from which NON-Supply Group?
Finance
Lean _____ Provides the full value that consumers desire for their goods and services with the greatest efficiency and least pain
consumption
which of the following is an example of supply chain risk management
all of the above
The four pillars of supply chain excellence are human resources, organizational design, information technology, and _________.
organizational measurement
A supply chain manager working for Apple is weighing some trade-offs of a new product to be introduced. A marketing manager is proposing the new product to be made available and 40 different colors with the 20 different features that can be part of the final product. The supply chain manager knows that all these different choices will add complexity and cost of the product. To make a decision on the colors and features, the supply chain manager must evaluate which type of supply chain trade off?
Product variety inventory
A distribution center has 180,000 pounds of sugar and the forecast is 1200 pounds of sugar per day. What is the estimate of the days of supply?
150
which of the following are measures of reliability of a logistics process
C & D
Average inventory last year was $200,000 and turns were six. What was cost of good sold last year?
$1,200,
There are tradeoffs among many of the logistics costs and customer service targets
Logistics is the management of the flow in storage of inventory such that the total cost is minimized and _____ are achieved
customer service targets
The term _____ Today refers to a firm that supplies logistics and possibly other supply chain management services.
third-party logistics (3PL) providers
Which of the following are common elements of the total cost of ownership model:
All of the above are part of the TCO model
_____ is the idea That there are many other costs than just the acquisition cost that should be accounted for in a purchase
Total Cost of Ownership
The ______ component of customer service concerns how the policies, organizational structure, and culture of a company affect customer service
pre-transaction
assuming item has a demand of one per day and a demand of six every fifth day however the item is out of stock every fifth day. What would be the item fill rate (IFR).
40%
Perpetual inventory is:
Initial inventory + Amount received - amount sold
A store perpetual inventory is greater than zero for 40 of the 100 SKUs in a category
The percentage of items in stock is 40%.
One approach to estimating the cost of a stock out per unit of last sale is to calculate an estimate of the ______
expected value
A store manager says: "I shoot for a 95% service level." What the manager means is that:
When the customer wants a product, she wants it to be there at least 95% of the time.
which industry has a long history of prioritizing the importance of logistics
military
The logistics relationship with ___________ Involves considerations a price, product, place, and promotion
marketing
Lowe's builds a distribution center that is closer to some of its retail stores. Lowe's expects transportation costs to _____
decrease
As a firm increases spending for transportation services, the cost of lose sales should
decrease
The products dollar value and weight density typically affect the cost of logistics activities. Which is not one of these affected logistics costs?
promotion costs
According to the most recent state logistics report, how would you describe the 2017 logistics cost as a percentage of GDP
logistics cost as a percent of GDP had a slight increase in 2017 over 2016
if a company uses the panama canal instead of sailing around South America, Which type of logistics utility are they focusing on?
time
Logistics creates which utilities through productions forecasting, production scheduling, and inventory control?
quantity utility
A leveling of production costs between China, Mexico, and the United States means that U.S. firms will increasingly focus on _____________ to be competitive.
Want to shop or in a retail store and counters and out of stock, there are a number of reactions that are possible. Which of the following are options discussed in this lesson?
All of these are options
You can estimate the mean by taking the ________________
average
What is often the largest component of logistics costs?
transportation costs
The logistics activity concerned with the physical protection of products during movement or storage is known as:
industrial packaging
As a firm increases spending for transportation services, the cost of lose sales should
decrease
If General Mills is forced to increase their order cycle from 7 to 14 days, what should the impact be on overall inventory levels?
Inventory levels will increase
Which company was an early pioneer and customization flexibility of personal computers?
Dell
The emergence of omnichannel retailing makes the need for which type of flexibility particularly important?
variety
Which type of flexibility refers to taking core products and making changes to them
Customization flexibility
Which company is most likely to be historically considered to be a lean company
Walmart
Supply chain visibility
" in the application of lean principles, what does PDCA stand for?"
Plan-do-check-act
Which organization is known for pioneering lean ideas and techniques?
toyota
"once a future state has been identified, how should an organization proceed with implementing changes?"
All of the above
Facebook likes and tweets are what type of data
unstructured
The number of devices connected to the Internet is how many times greater than one year ago
200 times
Lean _______ Provides the full value the consumers desire for their goods and services of the greatest efficiency and least pain
consumption
Which of the following statements is false?
Automotive manufacturers are the only organizations that have successfully applied lean principles
Which of the following is not a type of business process mapping?
All of the above are types of mapping
which are Fundamental characteristics of firms with high internal integration?
They facilitate information exchange across functional areas.
They integrate planning activities.
They ensure functional awareness.
For a data scientist to be most effective, he or she should have _________________________.
How have suppliers traditionally developed order forecasts?
Using historical order data
Which companies collaboratively pioneered the sharing of POS data?
Walmart and P&G
which is a component of logistics lead time?
I. customers' order cycle time
II. procurement time
III. manufacturing time & delivery time
II & III
As supply chains become longer, supply uncertainty _____________.
increases
Logistics lead time is the time ________________.
from when an order is placed until it's actually received and ready for use or sale
two major classifications of quantitative forecasting methods are _____ and _____ models.
causal; time series
Methods used to forecast the introduction of a new product normally include:
I. Delphi method
II. Judgmental method
III. Poll method
I and II
time series forecasting approaches are primarily _________ methods.
quantitative
Causal forecasting models. estimate the effects of ________ on _______ To forecast future demand
independent variables; dependent variables
which of the following is an example of noise in demand data?
