MEM Supply Chain Management

Question 1

Which supply chain strategy is best suited for products with highly unpredictable demand and short life cycles?

Accepted Answer

Agile supply chain

Answer

An agile supply chain is designed to respond quickly to unpredictable demand and market volatility, making it ideal for short-lifecycle products.

Question 2

The bullwhip effect in supply chains refers to:

Accepted Answer

Amplification of demand variability as orders move upstream

Answer

The bullwhip effect describes how small fluctuations in end-customer demand get progressively amplified as they travel upstream through the supply chain.

Question 3

Which inventory management model uses a fixed reorder quantity triggered when stock falls to a predetermined level?

Accepted Answer

Continuous review (Q) model

Answer

The continuous review (Q) model places a fixed order quantity whenever inventory drops to the reorder point, allowing variable timing.

Question 4

Total Cost of Ownership (TCO) in procurement includes which of the following beyond purchase price?

Accepted Answer

Acquisition, ownership, and post-ownership costs

Answer

TCO captures all costs associated with acquiring, using, and disposing of a product, providing a complete financial picture beyond the sticker price.

Question 5

A Tier-1 supplier in a supply chain is best described as:

Accepted Answer

A supplier that directly supplies the focal firm

Answer

Tier-1 suppliers have a direct contractual relationship with the focal (buying) company, whereas Tier-2 suppliers supply to Tier-1.

MEM - Master of Engineering Management Practice Test

MEM - Master of Engineering Management Practice Test

MEM Supply Chain Management