Essential Guide to Exam 3: Supply Chain & Inventory Management
School
University of Alabama**We aren't endorsed by this school
Course
OM 300
Subject
Management
Date
Dec 12, 2024
Pages
23
Uploaded by JusticeCrab5918
Exam 3 OverviewFall 2024
•Time Limit: 65 minutes •Requires: Respondus LockDown Browser ―Practice Exam will be released for verification of use of LockDown―If you do not have LockDown Browser downloaded, will result in a 0 for the test―No makeup tests will be provided •27 questionsExam Structure
•Single sided 8.5 x 11-inch handwrittencheat sheet ―Your cheat sheet must be on the paper given in class (Purple)―Cheat sheets not on the proper paper will be taken up the day of the exam•Cell Phones, ear buds (air pods, bose, etc.), and smart watches are prohibited •Hats must be taken off or turned backwards•Calculator will be needed for successful completion of the exam•Formula sheet and scratch paper will be provided ―Please stop at the top of the classroom to pick them up on your way in―Do not sit on the back rows- we will be there collecting documents •All documents must be turned in at the end of the exam •You are required to complete the Academic Misconduct Form at the end of the exam. Failure to provide your ID and have the completed exam time listed will result in a 0 on the exam.Exam Structure
Chapter 11Chapter 12Chapter 16Exam Topics
•Define Supply Chain Management •Describe the various components of a supply chain•Explain the strategic importance of the supply chainChapter 11 - Supply Chain Management
•Identify and explain the six sourcing strategies•Identify the range of supply chain risks that exist Chapter 11 - Supply Chain Management
•What are the opportunities/issues for management of integrated supply chains?•What is the bullwhip effect? •What are the four critical points in logistics management? Chapter 11 - Supply Chain Management
•Identify and explain the varying types of shipping systems―Trucking―Railroads―Air―Waterways―Pipelines―Multimodal/IntermodalChapter 11 - Supply Chain Management
•Define Third Party Logistics (3PL)•What is the purpose of warehouse storage?•Explain and calculate Inventory Performance Calculations which is used to measure supply chain performance Chapter 11 - Supply Chain Management
•How is benchmarking used within a supply chain?•How is sustainability incorporated into supply chain management? Chapter 11 - Supply Chain Management
•Define Inventory Management•What are the functions of inventory? •What are the 4 types of inventory?•How is inventory managed?Chapter 12 - Inventory Management
•Demonstrate how ABC analysis is used/executed•What are the different inventory costs and of what are they comprised? •What are the two main questions we ask regarding inventory?Chapter 12 - Inventory Management
•2 inventory models discussed •EOQ (answers the question of ‘How much?’)―What are the assumptions related to this basic model?―Describe the saw tooth diagram that depicts the model―Execute EOQ calculationsQ*, Time between orders, Number of orders, Average inventory, Variable cost, Total cost•Calculate the Reorder Point (answers the question of ‘When?’)Chapter 12 - Inventory Management
•Execute EOQ calculationsChapter 12 - Inventory ManagementAnnual setup cost Annual holding cost 𝑸∗=√𝟐𝑫𝑺𝑯= N=Expected number of ordersDemandOrder quantity= T =Expected time between ordersNumber of working days per yearExpected number of orders𝑇𝐶=𝐷𝑄𝑆+𝑄2𝐻
•Production order quantity (or, EPQ)―Describe why the inventory profile differs from the saw tooth diagram related to EOQ (using inventory while producing)―Why is total Holding cost for EPQ calculated differently from that for EOQ?―Execute EPQ calculations, Maximum inventory level, Average inventory, total Setup cost, total Holding cost, Variable cost, Total costChapter 12 - Inventory Management
•Production order quantity (or, EPQ)―Why is total Holding cost for EPQ calculated differently from that for EOQ?Chapter 12 - Inventory Management𝑀𝑎𝑥𝑖𝑚𝑢𝑚𝑣𝑒𝑛𝑡𝑜𝑟𝑦𝑙𝑒𝑣𝑒𝑙𝑝𝑟𝑜𝑑𝑢𝑐𝑡𝑖𝑜𝑛]=𝑸[𝟏−𝒅𝒑][𝐴𝑣𝑒𝑟𝑎𝑔𝑒𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦𝑙𝑒𝑣𝑒𝑙]=[𝑴𝒂𝒙𝒊𝒎𝒖𝒎𝑖𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦𝑙𝑒𝑣𝑒𝑙]2
•What is a Quantity Discount Model?•What are the types of quantity discounts that exist?Chapter 12 - Inventory Management
•What are the three fundamental issues lean operations seek to address?•What is the main emphasis Lean Operations?•What is the main emphasis of JIT (Just-in-time)? •What is the main emphasis of TPS (Toyota Production System)? Chapter 16 – Lean Operations
•What are Ohno’s seven categories of waste? •How does 5S help to eliminate waste?•How does variability impact an organization? •How does improving throughput impact an organization?Chapter 16 – Lean Operations
•Define the goals of Just-In-Time (JIT)•What are supplier partnerships and their goals? •What are the concerns of suppliers when moving to a JIT strategy?Chapter 16 – Lean Operations
•Explain how the JIT layout reduces distance, increases flexibility, impacts employees and reduces space and inventory―Table 16.1―Table 16.2•Why do organizations want to reduce lot sizes?•How to calculate optimal setup cost and timeChapter 16 – Lean Operations
•What is a Kanban?•What are the Lean Quality Tactics?―Table 16.4Chapter 16 – Lean Operations
•Explain the focuses of TPS•Explain the focuses of Lean Operations Chapter 16 – Lean Operations