UT Knoxville BUAD 331 - Exam 2 Study Guide (7 pages)

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Exam 2 Study Guide



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Exam 2 Study Guide

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This is a study guide of all the powerpoint slides in question form. Very very helpful and I ended up making a 98 on the test.


Pages:
7
School:
University of Tennessee
Course:
Buad 331 - CBM I: Supply Chain Mgt
Unformatted text preview:

Ch 5 Order fulfillment 1 What is the Order Cycle a Elapsed time from recognition of need until product is available for use or resale 2 What is the buyer s side of the order cycle a Recognize need b Order preparation c Order transmittal 3 What is the seller s side of the order cycle a Order receipt processing b Order fulfillment c Order shipment d Invoice and billing e Service and support f Order complete 4 What are the three Fulfillment Decision Rules a What should we produce or purchase b How much should we produce or purchase c Where should we position the product 5 What are the four things we should consider when talking about the fulfillment decision rules a Inventory BOH Balance on Hand b Forecast for next period c Service level policy d Quantities lead times 6 What is Anticipatory Fulfillment a Demand that is supported by deploying inventory in anticipation of projected sales levels and location 7 What are the steps in anticipatory fulfillment a Anticipatory forecast b Order c Inventory deployment d Actual demand e Inventory replenishment or reclamation 8 Is anticipatory fulfillment a push or pull system and why a Push b Because you are pushing the goods to the store without knowing the EXACT demand It is product based more than it is customer based 9 In the Mast General Store what is an example of a product that uses anticipatory fulfillment a Seasonal products b Specifically Christmas 10 What does the Economic Order Quantity Model EOQ balance and what are the two lines included on the chart a Balances fixed order costs against inventory carrying costs to determine least costs order frequency to determine optimum order quantity b Straight upward sloping line Inventory Carrying Costs c Downward curved line Order or Set up Costs 11 What does the EOQ Model ignore a Supply and Demand Variance 12 What is the Na ve Reorder Point Saw tooth Inventory Model and why is it considered na ve a The conventional approach to fulfilling orders b It s considered na ve because it ignores variance 13 What is the Reorder Point and how do you calculate it on the Na ve Reorder Point Saw tooth Inventory Model a The amount ordered based on EOQ b ROP Average Lead Time Average Daily Demand 14 What is the impact of variability on a company s inventory a With more variability the more extra inventory companies will end up with 15 What is the EOQ Inventory Model with Variance and what does it include a An approach to fulfilling order but takes supply and demand variance into account b It includes Safety Stock 16 What is Safety Stock a Safeguard against demand or variations in lead time 17 How do you calculate the Reorder Point in this model a ROP LT DD SS 18 What is the basic operation of Anticipatory Order Fulfillment a Demand fluctuation and lengthy lead times cause by large lot low frequency ordering are covered by maintaining large stock b This results in increased capital investment and reduced customer service 19 What is Lean Fulfillment a Reducing uncertainty my managing demand and order cycle time variance 20 What are the steps in the lean fulfillment process a Collaborative plan b Order c Small inventory deployment d Actual demand e Flexible Rapid Response 21 What are the factors that set lean fulfillment apart from the other two types a Synchronization of activities through shared information b Process reengineering c Supplier partnerships delivery lead time and variance reduction quality improvement d Reduce process and network complexity e Performance cycle acceleration and postponement f Use appropriate metrics 22 The EOQ Model for lean fulfillment shows a reduction in what which causes a reduction in what other factor a Shows a reduction in Order or Set up Costs b Which causes a reduction in the Size of Order Quantity 23 In the Reduced Cycle Stock Model with Safety Stock why would one want to reduce cycle stock a Because orders with less inventory will hopefully mean there will be less supply variance than orders with a lot of inventory b Supply Variance When suppliers deviate from expectations Early delivery late delivery more less than expected quantity etc 24 In the Reduced Cycle Stock Model with Safety Stock why would one want to reduce safety stock a With smaller more frequent orders one would hope to be able to predict demand better thus having less demand variance b Demand Variance When buying patterns are more less than what is the normal pattern 25 To optimize fulfillment what two things must you lower and how do you lower them a Cycle Stock reduce average lead time b Safety Stock reduce demand and supply variances 26 What is the basic lean order fulfillment operation a Shrink total order cycle time to reduce cycle stock and improve responsiveness to demand and manage variation to reduce safety stock 27 In the Mast General Store what is an example of a product that uses lean fulfillment a All the candy in the Candy Wonderland 28 What is Agile Fulfillment a Eliminate uncertainty by postponing form and or time and place utility until order is received and rapidly respond when order is received 29 What are the steps in agile fulfillment a Collaborative plan b Capacity c Flexible rapid response d Actual demand 30 What are the factors that set agile fulfillment apart from the other two types a Customer Focus vs Product Focus b Cross functional and cross organizational process integration c Leveraging relationships d Information visibility 31 Is agile fulfillment a push or pull system and why a Pull b Because the demand is ONLY when a customer specifically orders they don t have multiple ones ready the exact moment they want it c Customer based because the products are more customized than standard products 32 Why does the move from lean to agile require a paradigm shift from a push demand management philosophy to a pull management a Lean The suppliers push the inventory you ordered that is projected to meet demand and you store them in your inventory Then when you see the customers are buying the stuff on the shelf you pull the inventory from the back and waits for customers to buy it b Agile you are pulling from the suppliers for the specialized product to meet customer demand Pull all the way 33 What is the basic operation of agile order fulfillment a Postpone some steps in the total SC order cycle until actual demand occurs then accelerate cycle time using higher unit cost operations 34 In the Mast General Store what is an example of a product the uses agile order fulfillment a


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