Which technology is described as a 'decentralized “public ledger” of all transactions that have ever been executed' and has the potential to automate supply chain processes?
Explanation
Blockchain technology is a distributed, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Its decentralized and transparent nature makes it a promising tool for automating and securing supply chains.
Other questions
What is the primary role of operations management in a firm?
Which of the following best describes the 'mass customization' production process?
What is the term for a production process that uses short production runs to make batches of different products, often requiring machines to be shut down for changes?
In the context of facility layouts, which type arranges workflow around the production process, grouping all workers performing similar tasks together?
What is the primary purpose of a materials requirement planning (MRP) system?
Which scheduling tool helps managers identify the longest path of linked activities required to complete a project, where a delay in any task on this path will delay the entire project?
According to the principles of Total Quality Management (TQM) as conceptualized by W. Edwards Deming, where does quality control begin?
What is the defect rate that a company aims for when implementing a Six Sigma quality program?
What is the primary goal of lean manufacturing?
What does the manufacturing concept of just-in-time (JIT) believe about production materials?
What technology combines the advantages of computer-aided design (CAD) and computer-aided manufacturing (CAM) into one linked computer system?
What is the primary function of Business Process Management (BPM)?
The National Association of Manufacturers predicts that over the next decade, while 3.5 million new jobs will be filled, how many jobs will go unfilled due to a skills gap?
What is the term for a manufacturing firm that produces goods in response to specific customer orders?
According to the text, the cost of shipping raw materials and finished goods can be as much as what percentage of a manufacturer's total cost?
What is the key difference between the Critical Path Method (CPM) and the Program Evaluation and Review Technique (PERT)?
What is the purpose of the ISO 14000 set of standards?
What is the term for a continuously updated list of inventory levels, orders, sales, and receipts for all major items?
What does a 'product layout' in a facility design refer to?
The Task Force on the Future of American Innovation identified that federal research as a share of GDP has declined by what percentage over the past 40 years?
In the context of production processes, what is the term for breaking down basic inputs like raw materials into one or more outputs?
What is the primary motivation for companies to implement supply-chain management strategies?
What is the term for a scheduling tool that uses bar graphs plotted on a time line to show the relationship between scheduled and actual production?
Which technology is specifically identified as the technology involved in designing, constructing, and operating computer-controlled machines that can perform tasks independently?
What is the first step in the production control process?
The Malcolm Baldrige National Quality Award, administered by the U.S. Department of Commerce’s National Institute of Standards and Technologies (NIST), has what as its most important criterion?
What is the term for a firm's decision to produce its own production materials instead of purchasing them from an external supplier?
Which production layout combines aspects of both product and fixed-position layouts into small, self-contained units where a team can complete most or all of a manufacturing order?
What is the primary objective of inventory management?
What does the DMAIC process, a key part of Six Sigma, stand for?
What is the primary advantage of using a reverse auction for e-procurement?
Which production planning phase has a time frame of three to five years and focuses on which goods to produce and where?
A manufacturing firm that produces custom goods one at a time according to the specific needs of individual customers is practicing what type of production?
What is the primary concern for service organizations when considering facility layout?
In the U.S. Army's use of reverse auctions, the General Services Administration found that for the same hammer, 31 suppliers were charging prices between $9.76 and what upper amount?
Which system is described as automating a factory by blending computers, robots, machine tools, and materials-and-parts-handling machinery into an integrated system?
According to the U.S. Department of Labor, what percentage of future jobs in the United States will require advanced training, an associate degree, or a four-year college degree?
What is the primary function of a bill of material in resource planning?
The final stage of operations management, following planning and control, focuses on what key activity?
A manufacturing process where the basic inputs are combined to create the output, such as assembling an airplane from thousands of parts, is known as what?
What type of facility layout would be most appropriate for building a large cruise ship?
Which computerized resource planning system expands on MRP and MRPII to incorporate information about a firm's suppliers and customers?
What is the term for a routing technique where production managers use simple icons to visually represent the flow of materials and information from suppliers through the factory to customers?
The use of computers to design and test new products and modify existing ones is known as what?
According to the text, what did defense contractor Lockheed Martin save annually by using a Business Process Management (BPM) system to unify its acquired businesses?
What is the primary characteristic of the production-planning stage in operations management?
What is the key advantage of a continuous production process?
Which of the following is an example of a local incentive that might influence a company's site selection decision?
What is the term for the electronic exchange of information between two trading partners, often conducted via a linked computer system or over the internet?