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Question
Temporarily, ignore your work on Questions 2, 3, and 4. Low's luck at the race track is over; he now must borrow money to finance his inventory of nails. Looking at the situation outlined in Question 1, assume that the wholesale cost of nails is $40 per keg and that Low must pay interest at the rate of 1.5% per month on the unsold inventory. What is his new EOQ?Answer
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Related questions
Q:
According to the text, ____has been at the center of the changes taking place that affect the supply chain.
a. economic malaise
b. logistics
c. customer power
d. technology
Q:
Which of the following are not an attribute of supply chain partnerships?
a. mutual trust
b. increased willingness to share information
c. buying decisions based on value as opposed to cost or price
d. compatible goals
e. all of the above are attributes of supply chain partnerships
Q:
What is a perfect order?
a. simultaneous achievement of relevant customer metrics
b. an order that arrives on time
c. an order that arrives undamaged
d. an order that is easy for the receiver to fill
Q:
An organization's ability to respond to changes in demand with respect to volume and variety refers to ____.
a. responsiveness
b. leanness
c. agility
d. relevancy
Q:
Although nearly any organization can be part of a supply chain, supply chain management requires ____.
a. the involvement of third-party logistics companies
b. the participation of world-class organizations
c. at least one organization to be a multinational company
d. companies to adopt an enterprise-to-enterprise point of view
Q:
What concept can be viewed as a combination of processes, functions, activities, relationships, and pathways along which products, services, information, and financial transactions move in and between enterprises from original producer to ultimate end user or consumer?
a. logistics
b. supply chain
c. marketing channel
d. interorganizational coordination
Q:
What are some reasons that third-party logistics arrangements aren"t always successful?
Q:
How might regulatory and political conditions act as barriers to supply chain management?
Q:
What is the difference between relational and transactional exchanges? Which is more relevant for supply chain management? Why?
Q:
ISO 9000 involves organizations benchmarking themselves against organizations from outside their particular industry.
Q:
Excess capacity, or unused available space, can be unproductive because it may result in the purchase of additional equipment or space.
Q:
Union work rules are often very specific in the sense that job descriptions spell out the responsibilities associated with a particular job.
Q:
The postponement of product assembly and labeling until exact customer requirements are known is an example of responsiveness.
Q:
One problem with a fragmented logistics structure is because logistics activities are scattered throughout the firm, they likely remain subservient to the objectives of the departments in which they are housed.
Q:
Problem recognition is the first step in global procurement.
Q:
The Optimal Cost Reliability Model is used by many managers to classify corporate purchases in terms of their importance and supply complexity.
Q:
Supplier scorecards can be categorical, weighted point, or cost based in nature.
Q:
A benefit to multiple sourcing is increased cooperation and communication in a supply relationship.
Q:
Procurement and purchasing are viewed as synonymous terms.
Q:
A contemporary procurement manager might have responsibility for reducing cycle times and for generating additional revenues by collaborating with the marketing department.
Q:
Which of the following is not a reason for why purchasers are adopting a more proactive and aggressive role in the procurement process?
a. there are myriad inefficiencies associated with suppliers initiating marketing efforts towards purchasers
b. achieving competitive advantage in the supply chain
c. an excess number of suppliers currently exist
d. purchasers may be aware of important benefits that are not known to the supplier
e. all of the above are reasons
Q:
The text outlines a supplier selection and evaluation process that consists of ____ steps.
a. 4
b. 5
c. 6
d. 7
Q:
With respect to the supplier selection and evaluation process, ____ looks at both the internal and external environment within which the supply decision is to be made.
a. identify the need for supply
b. identify suppliers
c. situation analysis
d. evaluate suppliers
Q:
Which of the following is not a potential challenge of using procurement cards (p-cards) in non-domestic markets?
a. currency differences
b. cultural issues
c. difference in card acceptance policies
d. availability of technology
e. all of the above are challenges
Q:
Procurement's historical focus in many organizations was to ____.
a. incur minimal supply disruptions
b. use a limited number of suppliers
c. minimize loss and damage
d. achieve the lowest possible cost
Q:
Distinguish between excess, obsolete, scrap, and waste materials.
Q:
What is total cost of ownership and why is it important to consider?
Q:
Pick, and discuss, two components of the global sourcing development model presented in this chapter.
Q:
Define supplier development and explain why it is becoming more prominent in some organizations.
Q:
Distinguish between supplier audits and supplier scorecards. When should each be used?