MBA 1ST Year Supply Chain Management Very 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. Very Short Questions are answered in section A
VERY SHORT ANSWER QUESTIONS
Q.1. What do you mean by supply chain?
Ans. Supply chain is a network of supplier, manufacturer, assembly, distfacilitios and logistics facilities that perform the functions of procurement of materials, transformation of these materials into the intermediate and finished goods and then the distribution of these to customers.
Q.2. What is the concept of supply chain management?
Ans. Supply chain management is a system approach to managing the entire flow of materials and the services from raw materials suppliers through factories and warehouses suppliers through factories and warehouses to the end supplier to the ultimate user. pony to manage the total flow of distribution channel from the supplier to the ultimate user.
Q.3. What are the essential features of SCM?
Ans. Supply chain management has the following essential features:
1. It requires mutually sharing channel risks and rewards,
2. Cooperation among the channel members is required,
3. It incorporates integrated behaviour,
4. It requires mutual sharing of information among the channel members.
Q.4. What are the objectives of SCM?
Ans. The objectives of SCM are:
1. Service and systems orientations,
2. It reduces transportation and warehousing cost,
3. It improves visibility of demand,
4. It minimises the time and work-in-progress,
5. It improves value and quality.
Q.5. List the supply chain participants.
Ans. Supply chain participants are raw material supplier, manufacturer, distributor, reseller, retailer, sales agent, franchisers, customer credit support provider, etc.
MBA 1ST Year Supply Chain Management Very Short Question Answers
Q.6. What are the types of supply chain?
Ans. Different types of supply chain are production-oriented supply chain, financial-oriented supply chain, market-oriented supply chain, value chain, self monitored supply chain, raw supply chain, etc.
Q.7. What is information flow in SCM?
Ans. Information flow is a significant part of the supply chain in which it is the enabler and driver of the concept of a supply chain. It consists of flows both from vendor to the customer and from customer to the vendor. It is both upstream and downstream.
Q.8. Explain the significance of supply chain.
Ans. Supply chain has the following significances:
1. It develops a chain of businesses to work with,
2. It ensures that all the work is completed on time,
3. Business exists to make profits,
4. Resource wastage is a common source of increasing production costs,
5. Effective SCM results in reduced overhead expenses.
Q.9. What is forecasting?
Ans. Forecasts are estimates of the occurrence, timing or magnitude of uncertain future events. Forecasts are essential for the smooth operations of business organisations. They provide information that can assist managers in guiding future activities towards organisational goals.
Q.10. What do you mean by forecast controls?
Ans. A simple measure of forecast error is to compute the deviation of the actual from the forecast values. Deviations will vary from plus to minus but they should tend to average to near zero if the forecast is on target.
Forecast error = Actual demand – Forecast demand