Accurate Information Helps Make Opt Mgmt Discussi
Discussion 1-The two principle objectives of lean operations are providing greater value to customers and eliminating waste.
Lean manufacturing is focused on the elimination of waste from the processes used to produce goods and services. There are five primary elements to consider when implementing lean holistically; material and information flows, organization, process control, metrics and logistics.
- Does the industry you are interested in utilize lean?
- If not, how would you envision the implementation of lean?
2- A supply chain is the network of interconnected organizations, resources, activities and technologies involved in the manufacture and sale of a product or service. A company’s supply chain starts with the consumer. Information on customer needs and requirements is capture and pasted upstream through the network of suppliers, who rationalize the information and choose to participate in the supply chain or not based upon the profitability of their respective contributions. Once the network consolidates into a supply chain, raw materials start flow downstream through the necessary production processes until the product or service is delivered to the end consumer. Because there are so many steps along the way, Supply Chain Management (SCM) processes and practices allows participants to look at each step of the process to make sure they remain focused on efficiencies and are not losing value. The result is getting a better product or service to the consumer more efficiently.
- Based upon your career focus, how do you expect to participate in a future employer’s supply chain?
3-Supply-chain management plays a crucial role in making sure goods, and services are delivered on time to customers. Within supply-chain management, inventory management plays an essential role. Inventory involves various cost, investment, space management, etc. Due to the possibility of errors being made in the process, it is important to have a robust inventory management for an organization.
To maintain inventory at appropriate level to avoid excessive or shortage of inventory. Thus, management is faced with the following conflicting objectives:
- To supply the required materials continuously (i.e.; balance supply and demand, insure customer satisfaction): there should be a continuous available of materials in the factory or finished goods for trade: so that production and sales process run smoothly.
- To minimize the risk of under and over stocking of material: inventory without proper analysis, increases the chance of overstocking, which will increase the cost of carrying the inventory or under stocking of inventory that create problem in smooth operation of a business.
- To maintain systematic record of inventory: management needs different information regarding inventory for planning and decision-making.
- To reduce losses, damages and misappropriation of materials: done by maintaining the proper stocks of materials with utmost care.
- To minimize the cost associated with inventory: accurate information helps make decisions like whether to take discounts or not, the size of order to be placed, when to order etc. the total cost associated with inventory may be minimized by analyzing the lot size to be acquired, the offer of discount on variable lot size and the timing of order.
- Based upon your career focus, how do you expect to participate in a future employer’s supply chain?
What types of inventory costs are typically captured/incurred in the industry you seek to work?
How could these costs be reduced?
What impact do you expect technology advancements to have in managing inventory in the future?