Supply Chain Analytics Essentials Quiz Answer. In this post you will get Quiz & Assignment Answer Of Supply Chain Analytics Essentials
Supply Chain Analytics Essentials Quiz
Offered By ”Rutgers the State University of New Jersey”
Peer-graded Assignment: Supply Chain Management Example(s)
Supply Chain Management and Analytics Basics
What is a supply chain?
- A network of companies that creates, produces and deliver products and services
- The integrated processes of a company that involves sourcing, making and delivery of its products and services
What are the goals of supply chain management?
- Increase revenue
- Improve customer satisfaction
- Improve productivity and efficiency
- Reduce cost and risk
One goal of supply chain management is cost reduction, what types of cost is included?
- Operating cost, such as logistics, inventory and warehousing costs.
- The cost of goods sold (COGS), such as procurement and production costs
- The costs associated with financing and investment
How can supply chain management create a long-term competitive advantage for companies?
- By improving customer satisfaction and reducing cost in the same time
- By improving efficiency and reducing risk
- By improving customer satisfaction through higher operational expenses
- Cheaper, faster and higher quality
What types of analytics are applicable to supply chain management?
- Prescriptive analytics
- Descriptive analytics
- Diagnostics analytics
- Predictive analytics
What are the purposes of descriptive analytics?
- To assess the current status of the system
- To quantify the system performance quantiatively
- To answer the question of how well (poorly) we are doing?
What are the purposes of diagnostics analytics?
- To identify the driving force(s) of the performance
- Link performance to root cause(s)
- To quantify the impact of various factors on the performance
What are the purposes of predictive analytics?
- To predict the outcome of the system for various likely scenarios
- To estimate the consequences of certain actions
- To predict what will happen in the future
What are the purposes of prescriptive analytics?
- To improve the performance of the system by making optimized decisions
- To balance the trade-offs among conflicting forces so as to improve the net outcome
- To make decisions automatically for the system
- To provide decision support for a better system performance
Why is analytics critical to supply chain management?
- Analytics can integrate data from multiple sources to link performance to causes
- Analytics can tell which strategy is better, by how much and under what assumptions
- Analytics provides quantitative insights (rather than qualitative guesswork) on a supply chain’s performance
Domains In a Supply Chain
What are the domains (functional areas) in a supply chain in manufacturing/trade industries?
Move or distribution / logistics
Make or production
Sell or selling
Source or sourcing
What are the key performance indicators of Sell Analytics?
What is the objective of sell analytics?
Sell faster and more
improve quality of the products and services
increasing sales and reduce cost
What are the key performance indicators of logistics?
Quality of products
Time, such as fulfillment time and on-time delivery performance
Logistics costs, such as shipping cost, inventory cost and warehousing cost
What is the objective of move (logistics) analytics?
Fulfill demand timely and cost efficiently
Improve service levels and reduce cost
What are the key performance indicators for production systems?
Quality or defects
What is the objective of make analytics?
To increase the quality and reduce cost while meeting all customer demand
Manage machines, workforce & materials to meet the demand in the most productive way
What are the key performance indicators for sourcing and procurement?
Flexibility in delivery
Delivery lead time
What is the objective of source analytics?
To track where the money is spent and with whom
To ensure consistent performance of suppliers
Maximize the value and minimize the risk of supply
Supply Chain Analytics Jobs
What is needed to prepare for a supply chain analytics job?
Real life examples and / or projects
Application of analytics to supply chains
Data analytics skills
Team leadership skills
Peer-graded Assignment: Define Your Dream Jobs by Region, Industry and Company