In the following, name the term defined.

Products that satisfy basic needs and do not change much over time.

What are characteristics of efficient, responsive, risk-hedging, and agile supply chains? Can a supply chain be both efficient and responsive? Risk-hedging and agile? Why or why not?

Sometimes a company may need to purchase goods or services that are unique, very complex, and/or extremely expensive. These would not be routine purchases, but there may be a number of vendors that could supply what is needed. What process would be used to transmit the company's needs to the available vendors, asking for a detailed response to the needs?

Describe the differences between functional and innovative products.

The owner of a large machine shop has just finished its financial analysis from the prior fiscal year. Following is an excerpt from the final report:

$$\begin{array}{lr} \hline \text { Net revenue } & \$ 375,000 \\ \text { Cost of goods sold } & 322,000 \\ \text { Value of production materials on-hand } & 42,500 \\ \text { Value of work-in-process inventory } & 37,000 \\ \text { Value of finished goods on-hand } & 12,500 \\ \hline \end{array}$$

a. Compute the inventory turnover ratio (ITR).

b. Compute the weeks of supply (WS).

Describe the differences between functional and innovative products.

Culture can be adaptive or maladaptive. It is maladaptive when

A. it exhibits cultural traits that are not shared with the majority of the group

B. it threatens the core values of a culture that guarantee its integration.

C. cultural traits diminish the survival of particular individuals but not others.

D. cultural traits, patterns, and inventions disrupt the world economy, causing international discontent.

E. cultural traits, patterns, and inventions threaten the group's continued survival and reproduction and thus its very existence

What do you call the average total value of all items held in inventory for a firm, at cost?

Which supply chain efficiency measure is more appropriate when the majority of inventory is held in distribution channels ?

In the following, name the term defined.

Refers to an estimate of the cost of an item that includes all costs related to the procurement and use of an item, including the costs of disposing after its useful life.

Which category of lifetime product costs are sometimes overemphasized, leading to a failure to fully recognize the total cost of ownership?

What recent changes have caused supply chain management to gain importance?

Research and compare the inventory turnover ratios of three large retailers: Walmart, Target, and Nordstrom. Use the same financial Website for all three, and compare numbers from the same time frame. What do these ratios tell you? Are you surprised by what you found?

What term refers to the development and management of supplier relationships in order to acquire goods and services in a way that helps achieve the immediate needs of a business?