Mid Term Exam PROC 5850
1. (5 pts) Define Logistics.
2. (5 pts) Define Supply Chain Management
3. (10 pts) Why is supply chain security important?
4. (7 pts) What are the processes in the Supply Chain Operations Reference (SCOR) model?
5. (5 pts) What is perfect order fulfillment and how is it calculated?
6. (5 pts) Synchronization of the supply chain requires ______among supply chain members.
a. coordination
b. cooperation
c. communications
d. all of the above
7. (5 pts) Uncertainty in the supply chain leads to:
a. excessive inventory
b. delays in lead times
c. loss of customers
d. increased costs
e. all of the above
f. none of the above
8. (3 pts) What 3 things can be stratified using the ABC approach?
9. (5 pts) From what perspective should Metrics measure performance?
10. (10 pts) What is the relationship between logistics/supply chain management and customer service?
11. (5 pts) What is inventory turns and why is it important?
12. (5 pts) Using the EOQ computation is important for:
a. optimizing inventory levels
b. minimizing costs
c. increasing the number of employees in the ordering process
13. (5 pts) True/False: There is a direct relationship between inventory levels and customer service.
14. (5pts) What is the impact of stockouts from the customer perspective and from the supplier perspective?
15. (5 pts) A company has an annual cost of goods sold (COGS) of $3,500,000 and an average inventory of $750,000. What is the number of inventory turns for this company?
16. (3 pts) Is this number of turns good or bad? Why?
17. (4 pts) True/False: Inventory does not mask supply chain problems.
18. (3 pts) RFID enables company to:
a. gain visibility of supply chain inventory
b. provide greater security of information
c. reduce inventory levels
d. all of the above
e. none of the above
f. a and c