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Quick Check - Topic 5

QuestionAnswer
Which of the following is contributing to an increased emphasis on risk management? - Globalization - Outsourcing - Faster Clockspeeds - Increasing customer demands - All of the above All of the above
Just-in-time is related to which other principle? - Greater competition - Lean Production - Globalization - Outsourcing - More complex supply chains Lean Production
Thomas Friedman’s best-selling book The World is Flat was primarily concerned with what? - International conflict - Innovation - Sustainability - Global warming - Globalization Globalization
External spend, as a fraction of total cost, has increased for most companies. Which risk does this impact the most? - Risk of natural disasters - Macro economic risks - Quality risk - Political risk Quality risk
You can acquire services from Dun & Bradstreet to help do a better job with which of the following? - Hedging - Near-sourcing - Supplier monitoring - Postponement - Contract language Supplier monitoring
Dividing suppliers into different groups based on the risk they pose to a company is referred to as what? - Supplier auditing - Supplier segmentation - Supplier site visits - Supplier selection - Supplier monitoring Supplier segmentation
Which action is considered hedging? - Segmenting suppliers based on risk - Sourcing from suppliers that are closer to home - Ensuring careful contract language - The purchase of future contracts - Waiting to customize a product until the last minute The purchase of future contracts
One strategy to reduce risks is to have a backup supplier in case your incumbent is not able to deliver. What is this strategy called? - Hedging - Dual or multi-sourcing - Inventory pooling - Single-sourcing - Postponement Dual or multi-sourcing
Risk probability addresses which of the following questions? - What can go wrong? - How are we doing? - How likely is the risk? - How severe is the impact? - How acceptable is the risk? How likely is the risk?
A risk heat map usually has the following two axes? - Risk impact and risk exposure - Risk probability and risk likelihood - Risk likelihood and risk impact - Risk rank and risk exposure - Risk severity and risk magnitude Risk likelihood and risk impact
Which is usually the first step in a risk management process? - Risk assessment - Risk identification - Risk mitigation - Risk measurement - Risk evaluation Risk identification
FMEA usually starts by identifying the function or process that can experience a defect. - True - False True
A complete FMEA usually does not include recommended actions to ensure that failure modes do not manifest themselves. - True - False False
FMEA allows us to brainstorm about what can go wrong and think about possible ways to prevent a failure from happening. - True - False True
Created by: tgalless
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