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Question 341

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Which of the following four perspectives are used in the balanced scorecard?

Customer, internal process, workforce learning and growth, financial
Customer, internal process, workforce learning and growth, financial
Customer, operations, internal process, financial
Customer, operations, internal process, financial
Customer, operations, internal process, workforce learning and growth
Customer, operations, internal process, workforce learning and growth
Customer, marketing, operations, financial
Customer, marketing, operations, financial
Suggested answer: A

Explanation:

The balanced scorecard, developed by Robert Kaplan and David Norton, uses four perspectives to provide a comprehensive view of organizational performance:

Customer Perspective: Focuses on customer satisfaction, retention, and market share. It evaluates how well the company is serving its customers and meeting their needs.

Internal Process Perspective: Examines the internal operational goals and the processes that must be optimized to meet customer and financial objectives. This perspective highlights areas for process improvement.

Workforce Learning and Growth Perspective: Emphasizes the importance of employee training, development, and corporate culture to foster innovation and continuous improvement.

Financial Perspective: Looks at the financial performance indicators such as profitability, revenue growth, and return on investment to assess the financial health and performance of the organization.

Kaplan, R. S., & Norton, D. P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business School Press.

Niven, P. R. (2006). Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. Wiley.

asked 16/09/2024
Khaled Mohamed Abdraboh Metwalli
34 questions

Question 342

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The most effective means to measure customer loyalty would use which of the following approaches?

Determine the ability to satisfy a customer's delivery date
Determine the ability to satisfy a customer's delivery date
Conduct customer survey for direct feedback
Conduct customer survey for direct feedback
Analyzing customer repurchase patterns
Analyzing customer repurchase patterns
Monitor rate of call center activity
Monitor rate of call center activity
Suggested answer: C

Explanation:

The most effective means to measure customer loyalty is by analyzing customer repurchase patterns. This method provides insights into the actual buying behavior of customers and indicates their level of loyalty. Key points include:

Behavioral Indicator: Repurchase patterns reflect actual customer behavior and are a direct indicator of loyalty, as loyal customers tend to make repeated purchases.

Quantifiable Data: This approach relies on quantitative data that can be tracked over time, allowing for objective measurement and analysis.

Predictive Power: Historical repurchase patterns can help predict future purchasing behavior and identify trends in customer loyalty.

Long-term Relationship: Consistent repurchasing signals a long-term relationship with the customer, indicating satisfaction and trust in the company's products or services.

Reichheld, F. F. (2003). The One Number You Need to Grow. Harvard Business Review.

Kumar, V., & Shah, D. (2004). Building and Sustaining Profitable Customer Loyalty for the 21st Century. Journal of Retailing.

asked 16/09/2024
PANAGIOTIS SYKAS
39 questions

Question 343

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Unresolved conflicts from the sales and operations planning (S&OP) process will result in which of the following outcomes?

Supply and demand will come to a consensus
Supply and demand will come to a consensus
Demand will take precedence
Demand will take precedence
Supply will take precedence
Supply will take precedence
Senior management resolution
Senior management resolution
Suggested answer: D

Explanation:

Unresolved conflicts from the sales and operations planning (S&OP) process typically require senior management resolution. This outcome is necessary to ensure that strategic decisions align with the overall business goals and objectives. Key aspects include:

Strategic Alignment: Senior management ensures that the resolution aligns with the company's strategic objectives and priorities.

Authority and Accountability: Senior leaders have the authority to make final decisions and are accountable for the outcomes, providing clear direction.

Resource Allocation: They can allocate resources and make trade-offs between conflicting demands to balance supply and demand effectively.

Cross-functional Coordination: Senior management can facilitate cross-functional coordination and communication, ensuring that all departments work towards a common goal.

Wallace, T. F., & Stahl, R. A. (2008). Sales & Operations Planning: The How-To Handbook. T. F. Wallace & Co.

Grimson, J. A., & Pyke, D. F. (2007). Sales and operations planning: an exploratory study and framework. The International Journal of Logistics Management.

asked 16/09/2024
Jason Potter
45 questions

Question 344

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Which of the following measures would be most appropriate for a supply chain focused on reliability as a competitive priority?

Production volume flexibility
Production volume flexibility
Total supply chain cost
Total supply chain cost
Supply chain response time
Supply chain response time
Order fulfillment lead times
Order fulfillment lead times
Suggested answer: D

Explanation:

For a supply chain focused on reliability as a competitive priority, the most appropriate measure is order fulfillment lead times. This metric directly reflects the ability of the supply chain to reliably meet customer orders within the promised time frame. Key points include:

Reliability Indicator: Order fulfillment lead times indicate the consistency and reliability of the supply chain in delivering products as promised.

Customer Satisfaction: Reliable and predictable lead times are crucial for maintaining high levels of customer satisfaction and trust.

Performance Benchmarking: Measuring and optimizing lead times helps benchmark performance and identify areas for improvement.

Competitive Advantage: Short and consistent lead times can provide a competitive advantage by differentiating the company from competitors who may have longer or more variable lead times.

Chopra, S., & Meindl, P. (2016). Supply Chain Management: Strategy, Planning, and Operation. Pearson.

Christopher, M. (2016). Logistics & Supply Chain Management. Pearson.

asked 16/09/2024
Tim Wersinger
42 questions

Question 345

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A company is transitioning its fulfillment strategy from direct consumer shipment to shipping through an intermediary. Which of the following impacts can be expected?

Higher transportation costs
Higher transportation costs
Higher warehousing costs
Higher warehousing costs
Lower transportation costs
Lower transportation costs
Lower warehousing costs
Lower warehousing costs
Suggested answer: C

Explanation:

Transitioning from direct consumer shipment to shipping through an intermediary can lead to changes in both transportation and warehousing costs. The key expected impact is lower transportation costs due to the following reasons:

Consolidation of Shipments: Shipping through an intermediary allows for the consolidation of multiple small shipments into larger ones, which can reduce per-unit transportation costs.

Economies of Scale: Intermediaries often have better-negotiated rates with carriers due to higher shipping volumes.

Optimized Routes: Intermediaries can optimize shipping routes and schedules, further reducing transportation expenses.

'Logistics and Supply Chain Management' by Martin Christopher

Council of Supply Chain Management Professionals (CSCMP) resources

asked 16/09/2024
doaa elshazly
47 questions

Question 346

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Which of the following circumstances must exist to implement a warehouse management system (WMS)?

The warehouse must utilize a random location system
The warehouse must utilize a random location system
The facility must be able to put away product and identify the physical product location
The facility must be able to put away product and identify the physical product location
The facility must have implemented radio frequency identification (RFID)
The facility must have implemented radio frequency identification (RFID)
The warehousing and enterprise resources planning (ERP) systems must directly interact
The warehousing and enterprise resources planning (ERP) systems must directly interact
Suggested answer: B

Explanation:

Implementing a Warehouse Management System (WMS) requires certain operational capabilities. The essential condition is that the facility must be able to put away product and identify the physical product location:

Product Put Away and Location Identification: A WMS relies on accurate tracking of product locations within the warehouse. This capability is crucial for inventory management, order fulfillment, and efficient warehouse operations.

Random Location System: While beneficial, it is not mandatory for WMS implementation.

RFID: Not a prerequisite, though it can enhance WMS functionality.

ERP Interaction: Integration with ERP systems is common but not a strict requirement for WMS implementation.

'Warehouse Management: A Complete Guide to Improving Efficiency and Minimizing Costs in the Modern Warehouse' by Gwynne Richards

asked 16/09/2024
Miles Greenyer
40 questions

Question 347

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A clothing company focuses its attention on high-fashion products and rapid product development. Which of the following types of value is the company trying to create?

Financial
Financial
Customer
Customer
Social
Social
Environmental
Environmental
Suggested answer: B

Explanation:

A clothing company focusing on high-fashion products and rapid product development is aiming to create customer value. This type of value focuses on meeting or exceeding customer expectations and preferences through:

High-Fashion Products: Offering unique, stylish, and trendsetting apparel that appeals to fashion-conscious consumers.

Rapid Product Development: Quickly bringing new designs to market to stay ahead of fashion trends and maintain customer interest.

Customer Satisfaction: Enhancing the overall shopping experience and customer loyalty by providing products that align with customer desires.

'Marketing Management' by Philip Kotler and Kevin Lane Keller

'Fashion Marketing & Merchandising' by Mary G. Wolfe

asked 16/09/2024
Jerry Manalo
32 questions

Question 348

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Risk management assessment tools are common techniques used in which certification program?

ISO 31000
ISO 31000
ISO 14000
ISO 14000
ISO 26000
ISO 26000
ISO 9000
ISO 9000
Suggested answer: A

Explanation:

Risk management assessment tools are commonly used in the ISO 31000 certification program, which focuses on risk management principles and guidelines:

ISO 31000: Provides a systematic framework for identifying, assessing, and managing risks in organizations.

Risk Assessment Tools: These tools help organizations evaluate potential risks, analyze their impact, and develop strategies to mitigate them.

Application: Widely used across various industries to enhance decision-making and improve overall risk management practices.

'ISO 31000: Risk Management - Principles and Guidelines' by the International Organization for Standardization (ISO)

'Fundamentals of Risk Management' by Paul Hopkin

asked 16/09/2024
Caridade Martins
44 questions

Question 349

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Which of the following forecasting techniques is most appropriate when data is scarce?

Seasonal analysis
Seasonal analysis
Computer simulation
Computer simulation
Delphi method
Delphi method
Linear regression
Linear regression
Suggested answer: C

Explanation:

When data is scarce, the Delphi method is the most appropriate forecasting technique. This method involves:

Expert Judgment: Gathering insights and opinions from a panel of experts through multiple rounds of surveys.

Iterative Process: Experts revise their responses based on feedback until a consensus is reached.

Scarcity of Data: Ideal for situations where historical data is limited or unavailable, relying instead on expert knowledge and experience.

'Forecasting: Principles and Practice' by Rob J Hyndman and George Athanasopoulos

'Business Forecasting' by John E. Hanke and Dean W. Wichern

asked 16/09/2024
Jarod Simmons
41 questions

Question 350

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Cash-to-cash cycle time is a measure of a firm's:

responsiveness to customer's requirements
responsiveness to customer's requirements
working capital utilization
working capital utilization
agility to meet changing customer requirements
agility to meet changing customer requirements
total supply chain accounts receivable
total supply chain accounts receivable
Suggested answer: B

Explanation:

Cash-to-cash cycle time is a critical measure of a firm's working capital utilization. It calculates the time taken between outlaying cash for raw materials and receiving cash from product sales. Key points include:

Definition: Cash-to-cash cycle time = Days of Inventory Outstanding + Days Sales Outstanding - Days Payable Outstanding.

Working Capital Efficiency: It measures how efficiently a company is managing its working capital. Shorter cycles indicate better utilization of cash resources.

Impact on Liquidity: A shorter cash-to-cash cycle improves liquidity, as the company can quickly turn its inventory into cash.

Operational Performance: This metric reflects overall operational efficiency, including procurement, production, and sales processes.

Coyle, J. J., Langley, C. J., Novack, R. A., & Gibson, B. J. (2016). Supply Chain Management: A Logistics Perspective. Cengage Learning.

Bragg, S. M. (2010). Business Ratios and Formulas: A Comprehensive Guide. Wiley.

asked 16/09/2024
Frans Gafane
33 questions
Total 547 questions
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