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Supply Chain Management Important Question 2nd year 2024 || #education #davv #exam

Supply Chain Management Important Questions 2nd Year 2024 || #education #davv #exam

Introduction

In this comprehensive guide, we address various aspects of Supply Chain Management (SCM) through a series of essential questions. These questions are particularly relevant for second-year students preparing for their exams in 2024. If you do not find the answers in this article, you are encouraged to leave a comment on the video, and a separate video will be made to address your queries.

Important Questions

  1. What do you mean by supply chain management? Explain its characteristics.

    • Supply Chain Management (SCM) refers to the management of the flow of goods and services, including all processes that transform raw materials into final products. Key characteristics include:
      • Integration of supply and demand management within and across companies.
      • Collaboration between various entities involved: suppliers, manufacturers, distributors, and customers.
      • Optimization of logistics to reduce costs and improve efficiency.

  2. How does SCM provide a competitive advantage to a firm?

    • SCM can offer a competitive advantage by streamlining operations, reducing costs, improving product quality, and enhancing customer satisfaction, leading to increased market share and profitability.

  3. Discuss the principles of SCM.

    • Understanding the SCM principles such as demand forecasting, inventory management, logistics and transportation, procurement, and customer relationship management is essential for efficient SCM processes.

  4. Explain SCM based on cycle view and pulse concept.

    • The cycle view divides the supply chain into distinct cycles, such as customer order cycle, replenishment cycle, and procurement cycle. The pulse concept focuses on real-time data and quick response to market changes, providing agility and flexibility.

  5. Write a short note on the Whiplash Effect in a Supply Chain.

    • The Whiplash Effect, also known as the Bullwhip Effect, refers to the phenomenon where small fluctuations in demand at the consumer end cause increasingly larger fluctuations upstream in the supply chain.

  6. Write a short note on Make-or-Buy Process and Models.

    • The Make-or-Buy process involves deciding whether to produce goods in-house or to purchase them from an external supplier. Make-or-Buy models help in evaluating the cost, quality, and flexibility of both options.

  7. Accent sourcing stages and brief disc types of stage.

    • Sourcing stages include identification of requirements, market research, supplier identification, supplier evaluation, and supplier selection. These stages help in procurement process optimization and risk mitigation.

  8. Describe Single Sourcing Stages and Multi Sourcing Stages.

    • Single sourcing involves procuring a particular product or service from one supplier, while multi-sourcing involves procurement from multiple suppliers. Each approach has its benefits and drawbacks in terms of risk, cost, and supply security.

  9. Explain Warehousing Design and Operation.

    • Warehousing design includes layout planning, technology integration, and automation to enhance efficiency. Warehousing operations cover inventory management, order picking, and storage strategies.

  10. Discuss the function of various non-operating intermediaries included in the overall supply chain.

    • Non-operating intermediaries, such as brokers and agents, facilitate transactions between buyers and sellers, providing value-added services such as negotiation, quality inspection, and shipment coordination.

  11. What do you understand by demand forecasting, and what is its impact on SCM?

    • Demand forecasting involves predicting future customer demand using historical data and market analysis. Accurate demand forecasting is vital for inventory management, production planning, and minimizing waste.

  12. Describe the role of inventory management in supply chain management.

    • Inventory management ensures the right amount of stock is available to meet customer demand while minimizing holding costs and avoiding stockouts. It involves techniques such as ABC analysis, Just-in-Time (JIT), and Economic Order Quantity (EOQ).

  13. What are the various steps in developing a strong SCM framework?

    • Steps include defining objectives, identifying key performance indicators (KPIs), analyzing current processes, implementing technology solutions, and continuous monitoring and improvement.

  14. Write a short note on warehouse location.

    • The selection of warehouse location is strategic for optimizing transportation costs, improving delivery speed, and enhancing customer service. Factors to consider include proximity to suppliers and customers, infrastructure, and cost.

Keywords

  • Supply Chain Management (SCM)
  • Competitive Advantage
  • Principles of SCM
  • Cycle View/Pulse Concept
  • Whiplash Effect/Bullwhip Effect
  • Make-or-Buy Process/Models
  • Sourcing Stages
  • Single/Multi Sourcing
  • Warehousing Design/Operation
  • Non-Operating Intermediaries
  • Demand Forecasting
  • Inventory Management
  • SCM Framework
  • Warehouse Location

FAQ

Q1: What is supply chain management and its characteristics?

  • A1: Supply Chain Management (SCM) involves managing the flow of goods and services from raw materials to final products. Key characteristics include integrated supply and demand management, collaboration among entities, and logistical optimization.

Q2: How does SCM provide a competitive advantage?

  • A2: SCM offers a competitive advantage by streamlining operations, reducing costs, and enhancing product quality and customer satisfaction.

Q3: What are the principles of SCM?

  • A3: Principles include demand forecasting, inventory management, logistics and transportation, procurement, and customer relationship management.

Q4: What is the Whiplash Effect in a supply chain?

  • A4: The Whiplash Effect refers to small fluctuations in consumer demand causing increasingly larger fluctuations upstream in the supply chain.

Q5: What are the sourcing stages in SCM?

  • A5: Sourcing stages include requirement identification, market research, supplier identification, evaluation, and selection.

Q6: What is the difference between single sourcing and multi-sourcing?

  • A6: Single sourcing involves one supplier, while multi-sourcing involves multiple suppliers, each with its own set of risks and benefits.

Q7: What is the importance of warehouse location?

  • A7: Warehouse location is critical for optimizing transportation costs, improving delivery speed, and enhancing customer service.

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