Question

Please answer all question

1. Explain why and how customers drive the development of supply chain management.

2. Why do we say the supply chain strategy should be consistent with the company’s competitive strategy?

3. Give an example of the principal and agent model in our daily life and give one or two examples of moral hazard and reverse selection.

4. Please briefly compare the “efficient” and “flexible” supply chain.

5. What are the three commonly used procurement methods? Give one or two daily examples for each method.

6. Give your own reasons that why logistics emerges from military logistics management.

7. Which major task do you think is more important in production management?

8. Explain how ABC inventory control works.

9. Big data technology is a hot research issue in the past decade, please give your own imagination of the future of big data technology in supply chain management.

10. What the cons and pros of qualitative measures and quantitative measures in supply chain performance evaluation?

11. Please predict the implications of blockchain technology in supply chain management.

12. If you are running a fruit store in our university, what kind of supply chain risk you may suffer? And how can you manage these risks?

Answer 1

Experts are only allowed to answer 4 questions at a time, please do not downvote. :)

1. Explain why and how customers drive the development of supply chain management.

Customers drive the development of the supply chain by giving and demanding the value that they would generate from similiae activities. Supply chain is the process where a network is formed to produce and distribute the goods to the final buyer. Customers would want more for the prices they are paying and thus development is demanded to make sure more value could be supplied to them by communicating and demanding more services and facilities from the supply chain.

2. Why do we say the supply chain strategy should be consistent with the company’s competitive strategy?

Supply chain strategy should be consistent with the company's competitive strategy because of the integrative efforts concept. The company should always work in one direction and for that, the supply chain should work with what strategies and advantages the company is enjoying. For example, if the company's competitive advantage is cost leadership, your supply chain should also promote JIT or lean management system to save costs.

3. Give an example of the principal and agent model in our daily life and give one or two examples of moral hazard and reverse selection.

One example of principal ane agent would be the employer and his employee. Employer acts as the principal while the employee acts as the agent of the principal for the work done.

Moral Hazard means the individuals are having the benefits to alter their behavior when their bad decision or risk is being borne by others. For example, governments promising for bailing out to the loss makingbanks and thus encourage the banks to take greater risks.

Reverse selection refers to the concept of risk management where the market participating is described as the asymmetric information. For example, we don't know what are the prices of alternative or substitute product offered, that's why we try to different things and explore different markets and varieties.

4. Please briefly compare the “efficient” and “flexible” supply chain

An efficient supply chain means that the company and the supply chain process is able to make the best use out of its resources like the technological, human, physical or financial resources. It helps in minimising the waste and costs for the materials.

On the other hand, Flexible supply chain means that the company is able to adjust its raw material purchases, production levels and various capacity levels in accordance with the changing demand and supply to maximise the profits.