Mastering Supply Chain Management: A Guide to Midterm Exam Questions and Key Concepts
As you prepare for your midterm, your instructor will likely focus on testing your ability to analyze complex scenarios rather than just defining terms. This guide provides a breakdown of common supply chain management midterm exam questions, categorized by key topics, to help you prepare effectively. 1. Fundamentals of Supply Chain Strategy
This section moves from math to decision-making frameworks regarding suppliers and transportation.
What percentage of global trade is estimated to move by sea?
Midterms often test your ability to balance Location , Production , Inventory , and Transportation . supply chain management midterm exam questions
When faced with a messy case, draw the supply chain map: Supplier -> Manufacturer -> Distributor -> Retailer -> Customer. Draw the arrows for information flow (orders) vs. product flow (goods).
For calculation questions (EOQ, Metrics), write down the formula before plugging in the numbers. Partial credit is common for correct formulas even if the final calculation is off.
Every tier updates its own forecast based on immediate downstream orders, inflating safety stock.
Be precise with terminology. Know the explicit differences between logistics and supply chain management , or third-party logistics (3PL) and fourth-party logistics (4PL) . To help tailor your study prep, let me know: Mastering Supply Chain Management: A Guide to Midterm
Each stage in the supply chain performs its own forecasting based on the orders received from its immediate customer, rather than actual consumer data. This distorts the true market demand.
SS=Z×σd×Lcap S cap S equals cap Z cross sigma sub d cross the square root of cap L end-root
A electronics distributor faces an annual demand of 12,000 units for a specific microchip. The cost to place a single order is $50, and the annual holding cost per unit is $3. Calculate the Economic Order Quantity (EOQ) and the total annual holding and ordering costs. Identify variables: Apply EOQ Formula:
Calculating Mean Absolute Deviation (MAD), Mean Absolute Percentage Error (MAPE), and Tracking Signals. Conceptual Sample Questions and Answers Question 1: The Bullwhip Effect Fundamentals of Supply Chain Strategy This section moves
If you are preparing for an upcoming assessment, let me know you use or which specific formulas (like aggregate planning or network optimization) you find most challenging so I can provide customized practice problems. Share public link
. This pillar emphasizes the importance of seeing disruptions in real-time to maintain operations. www.imd.org Key Formulas to Remember Inventory Turnover Cost of Goods Sold (COGS) Average Inventory
Midterms often include a process flow diagram. You might be asked to calculate throughput, identify bottlenecks, or re-sequence tasks.
Amazon Fresh (grocery delivery) uses a cross-docking model, while a furniture store (IKEA) uses a traditional warehouse model. Contrast the supply chain characteristics of these two products that justify the different strategies.
Minor mistakes, such as confusing weekly demand with annual demand or multiplying holding costs instead of using percentages, can disrupt entire calculations. Create an exact key for formulas to prevent these errors.