Exam1 studyguide

Exam1 studyguide - The first exam will cover all of the...

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Unformatted text preview: The first exam will cover all of the material discussed in class; all lecture slides; and athe information in the text contained in chapters 1, 2, 3, and 4 in the newer version of our text and chapters 1, 2 and 9 in the older version of the text. The format of the exam will be multiple choice. There is no penalty for guessing. There will be approximately 50 questions on the exam. The exam will be given during class on October 4th. * Lardner’s Law of Relevant Area- when transportation cost is reduced, the area where the producer can compete is increased in a directly proportional basis ex) if you cut transportation costs in half, then you should be able to ship twice the distance 1. Define business logistics. The process of planning, implementing, and controlling the efficient and effective flow and storage of goods, services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements. 1. Be familiar with the relationship between an efficient transportation system and JIT inventory systems. JIT Inventory system: an inventory control system that attempts to reduce inventory levels by coordinating demand and supply to the point where the desired item arrives just in time for use 2. Identify factors that have led to new challenges in logistics. · Intensified global competition · Increased involvement in international markets · Deregulation of transportation · Mergers · Shrinking profit margins · New challenges o Internet and e business o Business alliances o Rapidly changing technology 3. Discuss the evolution of logistics over the past 40 years. · Timeline o 1960: Fragmentation o 1980: Evolving Integration o 2000: Total Integration was supposed to happen (but didn’t) · Increased interest and importance of logistics because: o Globalization of markets o Need to improve customer service o Cost savings associated with more efficient management of inventory o Competition in the market place o Growth of the internet/e business o Development of business alliances (outsourcing) o Rapidly developing technology 4. What are the elements of the systems approach to logistics? What is the significance of the total cost concept? List some examples of trade-offs in supply chain management? · Systems Approach: o The fundamental principles for an efficient and effective logistics operation o Elements: ● Focus on total cost ● Take advantage of trade-offs ● Avoid sub optimization ● o Trade offs ● § Production and inventory ● § Inventory and warehousing ● § Packaging and loss/damage ● § Production and transportation (lardners law) ● § Transportation and customer service ● § Transportation and inventory (JIT) ● 5. What is the proper level of optimality in business logistics?...
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This note was uploaded on 02/01/2012 for the course BMGT 350 taught by Professor Boyd during the Fall '08 term at Maryland.

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Exam1 studyguide - The first exam will cover all of the...

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