quiz for week 1

An effective supply strategy primarily focuses on linking: (Points : 1) current needs to current markets. future needs to future markets. current needs to future markets. future needs to current markets. current and future needs to current and future markets. 2. The use of the concepts of purchasing, procurement, supply, and supply chain management will vary from organization to organization depending on: (Points : 1) the organization s stage of development and/or sophistication. the industry in which they operate the organization s competitive position. a and b. a, b and c. 3. Three major challenges exist when setting supply objectives and strategies: (Points : 1) adopting efficient electronic transaction systems, designing effective strategic supply processes, and increasing internal compliance with both. effectively interpreting corporate and supply objectives, selecting appropriate actions to achieve objectives, and integrating supply information into organizational strategies. hiring professionals educated specifically in supply management, providing them with technical expertise, and developing leadership skills for the long-term. emphasizing strategic cost management, involving key suppliers early in the process, and measuring the reduction in total cost of ownership. identifying internal stakeholders, building consensus among these stakeholders, and selling top management on the results. 4. The most fundamental question facing an organization is whether to make or buy. (Points : 1) True False 5. A corporate risk management group headed by a chief risk officer has emerged in many organizations to assess total risk exposure and develop strategies to best manage all risks. (Points : 1) True False 6. Evidence of the growth and influence of supply management in an organization includes: (Points : 1) fewer activities under the management or control of supply. more intense involvement in fewer supply chain activities. involvement in strategic planning and mergers and acquisitions. a clear delineation between supply and accounting. merging of supply and accounts payable. 7. The true test of supply s contribution is when the chief executive officer and the management team recognize the value of supply and suppliers in reducing prices paid for goods and services. (Points : 1) True False 8. Linking supply strategy to corporate strategy is: (Points : 1) essential only in manufacturing, and most have the mechanisms to link them.. essential only in the service sector, and most lack the mechanisms to link them. essential in all organizations, and most have the mechanisms to link them. essential in all organizations, and many lack the mechanisms to link them. non-essential in most types of organizations. 9. Supply makes a limited contribution to organizational risk management since most supply decisions have few downside risks that might impact the organization s strategy. (Points : 1) True False 10. Environmental-change strategies are designed to anticipate and recognize shifts in the natural world that affect supply availability. (Points : 1) True False

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