MGMT 3344 Midterm: Study Guide for Knowledge Assessment
Study uide for Knowledge Assessment #1
• SCM – Supply Chain Management is management of all processes from
suppliers’ suppliers to customers’ customers.
• Three ways any enterprise competes include quality, cost and customer
service.
• Three advantages of Globalization include economies of scale, more
choices or variety and cheaper labor. Three disadvantages of globalization
include less jobs, exchange rates, and greater risks, especially politically.
• The worker knows the job better than anyone.
• Achievement of profitability, survival, and growth requires the teamwork of
all SCM functions.
• The heart of operations is conversions.
• Managers are paid to make decisions.
• Three types of decisions made by managers include strategic, control and
operation.
• The acronym ERP stands for Enterprise Resource Planning.
• Three strategies to offset high labor rates include high productivity,
automated operations and outsourcing.
• Three components of Social Responsibility include environmental, safety
and employee.
• The quality of an organization begins with the people you hire.
• The “best operating level” can be defined as the annual output that results
in the lowest average cost per unit.
• Five steps in forecasting demand include:
1. Total market demand is estimated
2. Market share is estimated
3. Total market demand is multiplied by market share to get demand.
4. Inventory levels are established
5. Demand is translated into production capacity requirements
• The central focus of manufacturing layouts is to minimize movement within
the facility, lack of productivity and safety risks.