MBA 1ST Year Supply Chain Management Short Question Answers: – In this Post you will find MBA 1 year related to important questions related to the answer such as the Operation Concept Answer and many other important questions. Short Questions are answered in section B
SHORT ANSWER QUESTIONS
Q.1. Explain the conceptual model of SCM.
Ans. SCM is the management of a network of interconnected businesses provision of product and service packages required by end customers. It a execution, control and monitoring of supply chain activities with the object is a system’s approach to manage the entire flow of information, materials and services from raw materials, suppliers through factories and warehouses to the end customer
Information flow Information flow
Supplier Manufacturer Distributor
Material flow Material flow
SCM has emerged as the new key to productivity and competitiveness of manufacturing and service tidally integrated firms, where the entire enterprises. It is typically viewed to lie between fully vertically integrated arms, W material flow is owned by a single firm and those where each channel member operates independently, So, the coordination between the various players in the chain is key in its effective management.
Q.2. Discuss the essential features of SCM.
Ans. Supply chain management has the following essential features:
1. Integrated Behaviour: Supply chain management incorporates integration of stakeholders from suppliers to customers.
2. Mutually Sharing Information: For effective SCM mutually sharing information among channel members is required especially for planning and monitoring process.
3. Cooperation: Cooperation is not limited to the needs of the current transaction and happens at several management levels involving cross-functional coordination across the channel members.
4. Mutual Sharing Risks and Rewards: Risk and reward mutually sharing is important for long-term focus and cooperation among the supply chain members.
5. Focus on Serving Customers: It is necessary that every member of supply chain has the same goal and has same focus of customer’s service for the success of the supply chain.
6. Integration of Processes: The implementation of supply chain management needs the integration of processes from sourcing to manufacturing and to distribution across the supply chain.
7. Partners to Build and Maintain Long-term Relationships: The long-term relationship between the partners is the base of success of supply chain.
MBA 1ST Year Supply Chain Management Short Question Answers
Q.3. What are the objectives of SCM?
Ans. The objectives of supply chain management are as follows:
1. Improving value.
2. Improving quality.
3. Improving visibility of demand.
4. Reduces transportation cost.
5. Reduces warehousing cost.
6. Reduces the production time.
7. Service orientation.
8. System orientation.
9. Competitiveness and efficiency.
Q.4. “Forecasting is a planning tool.’ Justify.
Ans. Forecasts are vital to every business organisation and for every singificant management Decision. Forecasting is the basis of corporate long run planning. In the nting, forecasts provide the basis for budgetary planning and cost esting to plan new products, compensate sales personnel and make operations personnel use forecast to make periodic decisions invou budgetary planning and cost control. Marketing rente anning and facility layout, as well as for production planning, scheduling and
Bear in mind that a perfect forecast is usually impossible. Too many factors in the business environment cannot be predicted with certainty. Therefore, rather than seat is far more important to establish the practice of continual review of foreca th inaccurate forecasts. This is not to say that we should not try to improve the forecasting model of methodology, but that we should try to find and use the best forecasting method available, within reason.
Q.5. What is demand forecasting in supply chain?
Ans. Demand forecasting is an important component of strategic and opera blishes the link between planning and controlling systems. It is an inte all levels of the supply chain are involved and demand visibility within organisations as well as increasing the performand Supply chain management is the process by which a company ensures it has just nel and make other key decisions. Production ecisions involving process selection, capacity ung, scheduling and inventory! le. Too many factors in the business rather than search for the perfect forecast, nual review of forecasts and to learn to live improve the forecasting model or recasting method available, within reason. hent of strategic and operational planning. It amming and controlling systems. It is an integrated exercise in which willing to share information that helps in increasing ncreasing the performance of forecast. to meet demand. It involves the design a company ensures it has just enough supply the design, planning, execution, control and monitoring of supply chain activities, SCM helps to facilitate the process of forecasting and measuring wledge Boo the supply chain synchronises the supply and demand cycle through the use of real time information.
So, demand forecasting is used in SCM to ensure that the righ delivered through the defined business activity of product is at the right place at the right time. This help retailers to reduce excess inventory and increase profit margin. the organisation in the form of goods and services.