A supplier has decided to improve its forecast accuracy by reducing the information lead time from the retailer. Which of the following actions would be most appropriate to achieve the desired result?
Correct Answer: D
To improve forecast accuracy by reducing the information lead time from the retailer, the supplier should focus on improving the speed and accuracy of information exchange. Utilizing electronic data interchange (EDI) is the most appropriate action as it enables real-time sharing of critical data, such as sales figures, inventory levels, and demand forecasts between the retailer and supplier. This instant access to accurate information helps in better forecasting, reducing uncertainties, and aligning supply with actual demand. Other options like eliminating sales and promotions, decentralizing demand information, or reducing quoted lead time do not directly address the improvement of information exchange processes. References: * Chopra, S., & Meindl, P. (2016). Supply Chain Management: Strategy, Planning, and Operation. Pearson. * Simchi-Levi, D., Kaminsky, P., & Simchi-Levi, E. (2008). Designing and Managing the Supply Chain: Concepts, Strategies, and Case Studies. McGraw-Hill.
Question 77
What is used to track all of the properties of each data element in a database?
Correct Answer: B
Question 78
Managing supply chain risks includes which of the following activities?
Correct Answer: A
Section: Supply Chain Strategy, Design, and Compliance
Question 79
Which of the following tools a appropriate to overall organizational performance?
Correct Answer: C
The balanced scorecard is an effective tool for evaluating overall organizational performance because: * Holistic Approach: It provides a comprehensive framework that incorporates financial and non-financial performance metrics, giving a balanced view of organizational performance. * Four Perspectives: The balanced scorecard evaluates performance from four perspectives: Financial, Customer, Internal Processes, and Learning & Growth. This ensures a well-rounded assessment. * Strategic Alignment: It aligns business activities to the vision and strategy of the organization, improving strategic management and implementation. * Performance Monitoring: The balanced scorecard helps in monitoring progress towards strategic goals and identifying areas needing improvement. References * Kaplan, R. S., & Norton, D. P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business Review Press. * Niven, P. R. (2006). Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. Wiley.
Question 80
The most likely benefit of implementing a collaborative transportation management system is:
