PROC 5000 Week 2 Chapter Questions
Weekly Chapter Questions (Wk2)
Chapter 1
1. What are three major attractions of careers in supply management? Listed below are three attractions of careers in supply management:
Responsibility/Experience: The amount of responsibility as well as the experience you will endure and gain is immense. In some cases, it may be rather daunting; however, it is well worth it. The knowledge gained, will only make you a better and well-rounded individual, as you become a procurement aficionado.
Team Oriented: You will become part of a special, elaborate team when you become part of supply management. The team will consist of engineers, operations, and quality people and suppliers to help the firm obtain necessary supplies, materials, and services as the vignette alluded.
Competitive Salary: Starting salaries in supply management arena is lucrative. Although education and experience drives your starting salary, possessing minimum education (Associates Degree) and limited to none experience will still prove to be beneficial in regards to your salary.
7. Describe seven ways in which supply management has an impact on a firm's sales. Listed below are seven ways in which supply management has an impact on firm’s sales:
Faster to Market: Bottom line - The faster you can introduce a new product or service to the market, the larger market share you will encompass.
Improved Quality: Lessing the total number of defects that a manufacture produces, the more they can command premium prices. Furthermore, having a reduced amount of defects can satisfy your customers and alleviate them from going to competitors.
Price Flexibility: Having a strategic outlook can significantly reduce the total cost. Example: Is it more beneficial to lease a vehicle than to buy one? I would surmise that leasing would; lease vs. purchase analysis is the key.
Innovation: Collaboratively communicate with your supply base; holds a lucrative percentage of all new successful products.
Chapter 1
1. What are three major attractions of careers in supply management? Listed below are three attractions of careers in supply management:
Responsibility/Experience: The amount of responsibility as well as the experience you will endure and gain is immense. In some cases, it may be rather daunting; however, it is well worth it. The knowledge gained, will only make you a better and well-rounded individual, as you become a procurement aficionado.
Team Oriented: You will become part of a special, elaborate team when you become part of supply management. The team will consist of engineers, operations, and quality people and suppliers to help the firm obtain necessary supplies, materials, and services as the vignette alluded.
Competitive Salary: Starting salaries in supply management arena is lucrative. Although education and experience drives your starting salary, possessing minimum education (Associates Degree) and limited to none experience will still prove to be beneficial in regards to your salary.
7. Describe seven ways in which supply management has an impact on a firm's sales. Listed below are seven ways in which supply management has an impact on firm’s sales:
Faster to Market: Bottom line - The faster you can introduce a new product or service to the market, the larger market share you will encompass.
Improved Quality: Lessing the total number of defects that a manufacture produces, the more they can command premium prices. Furthermore, having a reduced amount of defects can satisfy your customers and alleviate them from going to competitors.
Price Flexibility: Having a strategic outlook can significantly reduce the total cost. Example: Is it more beneficial to lease a vehicle than to buy one? I would surmise that leasing would; lease vs. purchase analysis is the key.
Innovation: Collaboratively communicate with your supply base; holds a lucrative percentage of all new successful products.