for positive displacement supercharged applications, some kind of boost bypass is necessary because the supercharger will continue pumping air even if the throttle plate is closed, causing the air to find the easiest way out, normally by pushing the throttle plate into the plenum. OEM supercharger applications normally use either a vacuum operated butterfly valve (basically a turbocharger wastegate) internally between the inlet and outlet of the supercharger or an externally routed electronically controlled vacuum-switching-bypass-valve to elimate boost spikes and engine damage
centrifugal superchargers technically need no such bypass as they are basically the compressor side of a turbocharger. you'll just get some mad off-throttle surge noise, and ALOT more engine braking. in high-abuse applications this can possibly be damaging as most gear sets aren't built to take the kind of axial load applied by high boost compressor surge. this normally isn't a problem, though, as almost all centrifugal superchargers are aftermarket, provided in kit form, and come with some kind of bypassing feature.
a "dump valve" is, anymore, a different term for a BOV. a BOV vents excess boost to atmosphere, a BPV vents that boost into the inlet of the supercharger. this is both quieter and easier on engine management systems than a BOV tends to be.
a proper supercharger setup uses pulley sizing to dictate boost levels. using a BOV or BPV to do so can be easier and more flexible but tends to be loud, creates a weak point in the system, and causes problems. most problems stem from the use of a BOV and the nature with which it operates off and on boost. the simplest remedy for this is to use valving designed for supercharged applications or spend good money for a well made kit (most of the better kits use positive displacement superchargers with built in bypassing).