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How does globalization impact supply chain operations?
Transportation is more difficult and costly
As global trade growth skyrockets for time sensitive agricultural products, supply chain operations have become more critical to organizations.
According to the articles, what situation may contribute to international sourcing moving closer to the U.S.?
Which option balances the potential risks and returns of global manufacturing operations?
According to the two experts in the wrap up video, what is the potential for manufacturing in the future?
How many INCOTERMS are appropriate to use for international ocean transportation?
According to the second article who is responsible for transmitting shipment information to Customs at least 24 hours before loading any container destined for the United States on board a vessel?
According to Article 1, it is crucial to choose the appropriate Incoterm, meet your obligations under the chosen Incoterm, and offer competitive terms to your customer.
In which situation would it be most appropriate to transfer risk and purchase freight insurance?
In the case of a shipping catastrophe at sea, a freight owner is only responsible for his own goods and has no potential liability toward goods or equipment owned by other organizations.
How can organizations greatly reduce the likelihood of loss and damage during international transport?
A bill for the goods form the seller to the buyer that describes the transaction from start to finish is which of the following?
According tothe Supply Chain in Action video, how much money is spent annually on maritime freight rates?
Which transportation routing method suffers from the slowest service levels if you’removing freight from Shanghai, China to Philadelphia, PA?
After an import shipment has been successfully reviewed by Customs and correct payments have been made for the duties, _______ occurs and the goods are ready to be moved to the final destination.
What type of facility is used to delay payment of duties and store goods for up to five years under the joint custody of the importer or his agent, and Customs?
Sustainability initiatives can help organizations reduce costs, improve productivity, and cut risk.
Increasing costs of raw material and energy provide the incentive for organizations to embrace sustainability.
Also included in the first article, how will SCM grads fare in the future?
Well, demand for SCM talent will exceed available supply
Match the company from the Industry in Action video to the types of skills needed by their supply chain team. People with import knowledge and order fulfillment skills.
SCM has become a popular discipline, though you cannot major in SCM at most business schools.
Organizations should go through a formal purchasing process for each acquisition they make.Answer
Which types of purchases are used in production processes and add value to the product?Answer
A make-or-buy analysis focuses on whether to keep production in house or to outsource it to an external supplier.
The goal of strategic sourcing is to balance purchase expenses with quality in your sourcing and outsourcing efforts.
This final step of a purchase process focuses on contract compliance.Answer
The Industry in Action video focused on Patagonia’s sourcing philosophy. Which of the following is NOT a core component of their sourcing process?
According to the article “Strategic Sourcing: Building a Foundation for Success," what is the most important attribute of a trading partner relationship?
The purchase of merchandise or services at the optimum possible total cost in the correct amount and quality.
The identification, acquisition, access, positioning and management of resources and related capabilities the organization needs or potentially needs in the attainment of its strategic objectives
According to the article “Strategic Sourcing: Building a Foundation Success," which company created a Commodity Advisory Board to drive its strategic sourcing and e-procurement initiatives?
Which types of products require a formalpurchasing process?
Which types of purchases are used in productionand add direct value?
the process determining the most attractive alternative by comparing the costs avoided to the costs of outsourcing
What are performance metrics used in managingsuppliers? Which are most important?
What are the benefits created by a distributioncenter or warehouse?
· Why hold inventory (five reasons)
o Economies of Scale
o Balance Supply & Demand
o Level supply of Manufacturing
o Protect from uncertainties
·Why not hold (components of carrying costs)
- ICC = 31% of total logistics costs
- Cost of capital (actual or opportunity) 10%
- Storage and handling costs 29%
- Service & risk costs 61%
·What is the main goal of inventory management? (Minimize total costs)
-Minimize total costs of acquiring and keeping inventory (ordering, holding, cost of lost sales) & Account for uncertainty
- Pipeline- in transit
- Speculative-in anticipation of price increase or shortage
- Seasonal-in anticipation of seasonal demand
- Cycle- to meet expected/average demand
- Safety- to meet unexpected demand
- Dead- items with NO movement
·Difference between fixed order quantity and fixed order interval
- FOQ is at a certain inventory level (ROP)
- FOI is at a certain time period (quantity changes, point in time does not)
·Assumptions of EOQ model
- All info is known (demand, lead times, order cost, ICC, no volume discounts, orders arrive at one time)
- Demand is known and constant
- Lead time is known and constant
- Ordering costs are known
- Inventory carrying costs are known
- No volume discounts
- Orders arrive at one time
·Which assumptions are relaxed by adding safety stock?
- Demand, lead time, ICC
·Calculate total annual costs (TAC)
o TC = annual ordering cost + annual carrying cost
o TC = (D/Q)*S + I*C*(Q/2)
·How does SS impact TAC, EOQ, and ROP?
·Relationship between number and size of facilities
§ Real Estate
§ Government Incentives
- Economic, Accessibility, Profitability
one factor that is most important
§ plant and warehouse are frequently economic
§ service facility is frequently accessibility
· revenue and costs may be difficult to determine
· hospital, ATM, etc.
§ retail is profitability (revenue - sitecosts)
o competitive forces
o facility demand
o inventory consolidation effects
o every possible along a space continuum
§ along a highway
o from a list of possible choices
§ discrete locations
§ existing facilities
o high level - limits decision to a city (DC)
o low level - can identify a street address(retail)
§ Source or supply points
§ Demand or customer points
§ Volume at each point
§ Distance between each points
§ Seeks to minimize the sum of the volume at a point multiplied by the transportation rate to ship to the point multiplied by the distance to the point
§ long computer runs
§ huge memory requirements
§ expensive software
§ the solution is only as good as its definition
o User evaluates various potential solutions
§ Production/purchase costs
§ Warehouse storage and handling costs
§ Warehouse fixed costs
§ Cost for carrying inventory
§ Stock order and customer order-processing costs
§ Warehouse inbound and outbound transportation costs
§ Apply these considerations to the COG model
- Final stocking points in network, highly sensitive to revenue, local demographics, traffic flow and accessibility, retail structure, site characteristics, legal and cost factors
o Data is just numbers
o Information has been translated into a relevant business application
-Retrieve data from missing cases
-Use estimated curve (transport rate, inventory-throughput)
-Collect data outside the company (labor rates, leasing rates, construction costs)
- New company
- Merger or acquisition
- Spin off
- Cut costs
- Changes in business environment
o Optimization, Simulation, and Heuristics
o Deterministic vs. stochastic
o Pros/Cons of each
Is the process where actual performance is brought into line, or kept in line, with desired objectives.
·Actual performance is compared to planned performance.
· Action in taken if necessary.
· Gathers actual information through audits
· Compares actual to goals and plans
· Changes in demand
· CS level
· Product characteristics
· Logistics costs
§ Help control transportation costs
§ Product description
§ Performed by traffic department or outside firm
§ Compare the audit of your firm to other firms
-Internal = line staff, corporate
- External = consultants, 3PL’s
o Shut down periodically to count everything
o Only count a fraction of items at any given time to avoid disruption
o Highly accurate automated inventory control systems may eliminate the need for physical counts
o Customer returns
o Damaged goods
o Systems errors
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