Question 1

Using Internet technologies to integrate the design, development, construction, testing and refinement of products is called: ___________

Accepted Answer

Collaborative commerce involves using Internet technologies to enhance communication and coordination among different stages of the product development process. It aims to integrate the efforts of various departments and stakeholders, including designers, engineers, suppliers, customers, and vendors, to improve the quality, speed, and flexibility of product development. Smart sourcing, direct connection, and knowledge management are related but narrower concepts that focus on specific aspects of the product development process.

Question 2

Outsourcing done by organizations in other countries is often called._____________

Accepted Answer

The answer of Outsourcing done by organizations in other countries...

Question 3

Since electronic data interchange (EDI) transactions are business contracts and often involve large amounts of money, the existence of an independent audit log helps establish _____.

Accepted Answer

The existence of an independent audit log helps establish nonrepudiation, which means that the parties involved in the EDI transaction cannot deny that the transaction occurred or that they are responsible for it. This helps ensure accountability and trust in the EDI process. Secrecy, abrogation, and privacy are not directly related to the role of an audit log in EDI transactions.

Question 4

_____ are business-to-business (B2B) marketplace models used in electronic commerce.

Accepted Answer

The answer of _____ are business-to-business (B2B) marketplace models used...

Question 5

MRO is the acronym for maintenance, repair, and _____.

Accepted Answer

The answer of MRO is the acronym for maintenance, repair,...

Question 6

A(n) _____ is a marketplace formed by several large buyers in a particular industry.

Accepted Answer

An industry consortia-sponsored marketplace is a marketplace formed by several large buyers in a particular industry, with the support of a trade association or industry group. These marketplaces are often established to coordinate purchasing activities and negotiations with suppliers. Private company marketplaces are created by a single company, independent industry marketplaces are not sponsored by any specific organization, and customer portals marketplaces are specific to one seller and only accessible to their customers.

Question 7

When companies integrate their supply management and logistics activities across multiple participants in a particular product's supply chain, the job of managing that integration is called _____.

Accepted Answer

The term used to describe the integration of supply management and logistics activities across multiple participants in a product's supply chain is supply chain management. This involves managing the flow of goods and services from raw materials to the end customer, and involves coordinating activities such as procurement, production, transportation, and distribution. Supply chain management is a key area of focus for many companies as it allows them to improve efficiency, reduce costs, and enhance customer satisfaction. The other options (B, C, D) do not accurately describe this concept.

Question 8

_____ give individual managers the ability to make multiple small purchases at their discretion while providing cost-tracking information to the procurement office.

Accepted Answer

The answer of _____ give individual managers the ability to...

Question 9

The total dollar amount of the goods and services that a company buys during a year is called its _____.

Accepted Answer

The answer of The total dollar amount of the goods...

Question 10

The long-term relationships that are created among participants in the supply chain are called _____.

Accepted Answer

The long-term relationships among participants in the supply chain are called supply alliances. Quality partnerships, JIT alliances, and joint partnerships are not commonly used terms to describe these relationships.

Question 11

Buying products from loosely organized markets is called _____.

Accepted Answer

The answer of Buying products from loosely organized markets is...

Question 12

_____ are those materials that become part of the finished product in a manufacturing process.

Accepted Answer

The answer of _____ are those materials that become part...

Question 13

In _____ purchasing, by negotiating contracts in advance, companies can obtain low prices and good delivery terms.

Accepted Answer

The answer of In _____ purchasing, by negotiating contracts in...

Question 14

Offshoring nonmanufacturing activities such as purchasing, research and development, recordkeeping, and information management is called _____.

Accepted Answer

The answer of Offshoring nonmanufacturing activities such as purchasing, research...

Question 15

Electronic data interchange (EDI) on the Internet is also called _____.

Accepted Answer

Open EDI refers to the practice of using standard Internet protocols to conduct EDI transactions, whereas closed EDI involves using a private network or value-added network to conduct transactions. Linked EDI and digital EDI are not commonly used terms.

Question 16

Businesses that engage in supply chain management work to establish long-term relationships with a small number of very capable suppliers who are called _____.

Accepted Answer

Tier-one suppliers are referred to as strategic suppliers or key suppliers that have a significant impact on the supply chain management process of a firm. These suppliers are not only capable of providing high-quality goods and services at reasonable prices but also help in reducing costs and enhancing efficiency in the supply chain. Therefore, businesses that engage in supply chain management work to establish long-term relationships with tier-one suppliers to gain a competitive advantage in the market.

Question 17

A(n) _____ is a marketplace that provides auctions, request for quote postings, and other features to companies that want to operate their own marketplaces.

Accepted Answer

The description of the marketplace provided in the question - one that provides auctions, request for quote postings, and other features to companies that want to operate their own marketplaces - fits the definition of a private company marketplace.

Question 18

The use of other organizations to perform specific activities is called _____.

Accepted Answer

The answer of The use of other organizations to perform...

Question 19

A(n) _____ is a business-to-business (B2B) marketplace model that has a password-protected entrance and offers negotiated price reductions on a limited selection of products.

Accepted Answer

The description matches a private store, which is a B2B marketplace that requires a password for entrance and offers discounts on a limited selection of products. An industry marketplace would offer a broader range of products in a specific industry, a public marketplace would not require a password for entrance, and an independent exchange would facilitate the trading of goods or services between multiple parties.

Question 20

Most Electronic Data Interchange-Internet Integration (EDIINT) exchanges today are encoded using the _____ specification.

Accepted Answer

The majority of EDIINT exchanges today are encoded using the Applicability Statement 2 (AS2) specification, which provides a secure and reliable way to transfer electronic documents over the Internet. AS1 and AS3 are older specifications that are less commonly used, while AS4 is a newer specification that is still gaining adoption.

Quiz 5: Business-To-Business Activities: Improving Efficiency and Reducing Costs