Despite the increased use of JIT systems, there are several benefits or advantages to having inventory, they include: A) Make possible smooth and efficient operations by decoupling individual segments of the total operation B) Inventories of parts and components produced in-house facilitates economical production runs in various machine-assembly stations C) Provides “safety” stock for supply interruptions D) Finished goods inventory help the marketing/sales department satisfy unexpected customer demand to avoid stockouts E) All of the above SLO-2.3 Which of the following is not a definition of Supply Chain Management (SCM)? A) SCM is an integrating philosophy to manage the total flow of a distribution channel from supplier to the ultimate customer. B) SCM encompasses integrative management of the sequential flow of logistical, conversion and service activities from vendors to ultimate consumers necessary to produce a product of service efficiently and effectively. C) SCM is a strategic concept that involves the understanding and managing of the sequence of activities - from supplier to customer - that add value to the product supply chain. D) Supply chain management is the mathematical optimization of the supply chain system using formulas derived from operations research theory. E) Supply chain management is the collaborative effort of multiple channel members to design, implement, and manage seamless value-added processes to meet the real needs of the end customer

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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SLO-2.1 Despite the increased use of JIT systems, there are several benefits or advantages to having inventory, they include:

A) Make possible smooth and efficient operations by decoupling individual segments of the total operation
B) Inventories of parts and components produced in-house facilitates economical production runs in various machine-assembly stations
C) Provides “safety” stock for supply interruptions
D) Finished goods inventory help the marketing/sales department satisfy unexpected customer demand to avoid stockouts
E) All of the above

SLO-2.3 Which of the following is not a definition of Supply Chain Management (SCM)?

A) SCM is an integrating philosophy to manage the total flow of a distribution channel from supplier to the ultimate customer.
B) SCM encompasses integrative management of the sequential flow of logistical, conversion and service activities from vendors to ultimate consumers necessary to produce a product of service efficiently and effectively.
C) SCM is a strategic concept that involves the understanding and managing of the sequence of activities - from supplier to customer - that add value to the product supply chain.
D) Supply chain management is the mathematical optimization of the supply chain system using formulas derived from operations research theory.
E) Supply chain management is the collaborative effort of multiple channel members to design, implement, and manage seamless value-added processes to meet the real needs of the end customer.

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