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[Solved] Supply Chain management is the coordination and management of all

Page:of 4 Automatic Zoom Actual Size ... [Show More] Page Fit Page Width 50% 75% 100% 125% 150% 200% 300% 400% Bailey 1 Module One—Introduction to Supply Chain Management SHORT-ANSWER QUESTIONS (2–4 sentences) 1. Define supply chain management in your own words. Supply Chain management is the coordination and management of all things dealing with the supply chain; including purchasing raw materials, logistics, and delivery finished products to the consumers. 2. Explain the concept of value-enhancing benefits by giving THREE examples of benefits that may be realized by a firm that successfully manages its supply chain. A value-enhancing benefit is the direct outcome of successful supply chain management. These benefits include, but are not limited to, improved product quality from both the end consumer goods to the intermediate manufactured components, lower costs for purchasing and storage, and better customer service. All of the benefits will have a positive impact on sales and improve company profits. 3. Explain the difference between logistics and supply chain management. Logistics is the transportation, storage, and packaging of raw materials, intermediate manufactured goods, or the consumer products the company is producing. Logistics is an important part of the supply chain, but supply chain management is the management of the entire process of the supply chain. 4. List three concepts used by supply chain managers in an attempt to make a firm more flexible and responsive to customers' changing needs: Supply chain managers use agile manufacturing, JIT, lean manufacturing, strategic partnerships, mass customization, and quick response to ensure flexibility with customers’ chaining needs. ESSAY QUESTIONS (8–10 sentences) Bailey 2 1. Discuss the differences between supply chain partnerships of the past and those that have developed today. Traditional supply partnerships developed with a primary focus on the quantity and price of the products they were supplying. This is due to strategies typically focused on short term contracts which made supplies more competitive to achieve the lowest price possible. Little emphases was placed on forming long term relationships to strength and benefit both companies. The recent economic downturn caused many suppliers to go out of business, which left many contract unfilled, and companies having to quickly turn to other supplies in order to keep their doors open. After that point more emphasis was placed on the credibility of supplies in order to provide better visibility of upcoming problems within their supply chains. Now consumers are demanding better quality and better customer support. This is strengthening the relationships and forming partnerships between suppliers and firms. Firms are looking for supplies that can provide them with the highest quality products with a reasonable price and excellent customer service. 2. List the four elements of supply chain management and provide a short description of each of the four elements. What types of failures might each of those elements create within the supply chain? Why might those results be linked to errors in a particular element? The four elements of supply chain management are supply, operations, logistics, and integration. Supply is the process by which firms purchase either their raw materials or intermediate manufactured goods for use by the firm. If the supply chain breaks down for instance; a supplier goes out of business or there is shift in the demand curve for a certain supply. This would cause the firm to have to look for a new supplier, increased prices, or even a lack of manufactured goods to provide to their customers. [Show Less]

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