Exam 2 Study Guide.docx - Exam 2 Study Guide Exam 2 covers...

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Exam 2 Study Guide Exam 2 covers all readings, lectures, and all in class activities since exam 1. This includes in class student presentations and the beer game simulation. Topics to be covered include: Advanced Inventory Planning Calculate the optimal Price (c) and Order Quantity (Q) when price-breaks exist- the Quantity Discount Model (NOTE – to do this you need to know how to calculate the EOQ, economic order quantity, and TAIC, Total Annual Inventory Cost) Calculate the statistical ROP when demand is uncertain and lead time is constant Bullwhip Define the bullwhip effect and discuss why order magnitude and variability increase for upstream suppliers List and define the factors causing or exacerbating the bullwhip effect Describe what a company can do to mitigate the bullwhip effect Contrast demand error in a traditional supply chain vs. a collaborative supply chain Identify and explain the causes of the bullwhip effect during the Beer-Game simulation and discuss how you would change the ‘rules’ of the beer game to reduce the bullwhip effect and lower costs Purchasing law & Ethics Define/explain the Law of agency Discuss what a Fiduciary responsibility is an how it applies to purchasing Define the elements of a contract and be able to identify is an agreement is actually a contract Define Breech of Contract and provide examples of contract breech Discuss damages when there is a breech of contract and be able to calculate the damages
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