Supply Chain Core Concepts
Define the five operations and supply chain processes. Discuss how each identified method can be applied to a product and a service.
Plan: Planning is crucial to managing inventory and manufacturing processes. Organizations regularly try to coordinate supply with aggregate demand by establishing an analytics strategy. Additionally, it is essential to be aware of demand differences throughout the supply chain to avoid the Bullwhip effect. Source: Sourcing is pinpointing suppliers who will acquire goods and services to satisfy planned/actual demand cost-effectively and productively. There are specific qualifications that vendors must uphold, thus guaranteeing the company can provide excellent goods and services to the customer.
Sourcing can be of perishable as well as non-perishable products. Make: In the client’s interest, the organization will execute all processes of converting raw material to the final product. Techniques such as manufacturing, analyzing, and packaging take place in this segment of Supply Chain Management. Client recommendations produce a Win-Win scenario for both the manufacturer and end-user, allowing the organization to refine its production processes regularly. Deliver: Another vital element of supply chain management is providing a direct/indirect connection with the clients. It has an essential involvement in improving the brand image of the organization. Completed goods and services, as requested by clients, have to satisfy requirements through the organization’s delivery channels and logistics services. To boast a first-class delivery, the company must use numerous shipping methods, ground, air, and rail. Return: It is a post-delivery client service that is linked to all types of returned products. It is one of the most significant elements of supply chain management to reduce possible failure of client relationships. By contrast, this service gives the same options for the organization regarding its suppliers. The organization returns the substandard, faulty, outdated, or too many raw materials to the suppliers/vendors.
Explain the difference between an exponential smoothing forecasting model and a regression forecasting model. Explain the supply chain assumptions linked to each model and why it is essential to validate them before using either the exponential smoothing or regression forecasting models.
Exponential Smoothing
This forecasting technique analyzes the previous forecasts with previous actuals and then puts the variations among them into the next prediction. In all probability, this newer forecast is more precise because it represents the natural variation between the estimates and what transpired, and being aware that reference points may increase and decrease about many factors that are uncontrollable, lowering the fault tolerance can determine the difference between a successful accounting cycle and one that will make the company’s consumers regret the business relationship. An organization would potentially implement this technique when utilizing just a reference point as a way of forecasting; using the smoothing method, the organization is merely using results from the pre-existing sales to forecast the next cycle’s sales.
Regression Method
This technique depends upon locating a trustworthy predictor variable or multiple, meaning a variable that has a powerful relationship to another. As a result, it can be implemented to make calculations and utilize it to generate forecasts derived from historical data (reference point). For instance, the organization could have located a powerful connection between unit sales price and units sold and might want to maximize the unit price to forecast sales quantity for the next cycle; if the price stays consistent, it is safe to believe that the units sold will likely progress as they did before. Regression utilizes the connection between variables with a high correlation coefficient and reference point data to generate forecasts. So, it can be concluded that using one technique over the other may be circumstantially dependent. If the organization seeks to obtain a month-over-month estimate of sales figures, they might want to utilize the smoothing method; if they desire to forecast on a more ultra-fine level, using the regression method demands the evaluation of variables that can be positively/negatively linked together.
Link the concept of long, intermediate, and short-range planning to forecasting strategies. Explain how determining capacity requirements and a capacity cushion links forecasting strategy to long-, medium, and short-range planning.
Business owners establish strategies to accomplish their company-wide goals, and they typically find it beneficial to divide planning into stages. This enables the company to monitor instant enhancements while assessing advancement toward future goals and targets. The planning operation’s individual periods spotlight high-priority aspects of the organization’s framework and atmosphere. The company can separate planning according to the period of the data and anticipated outcomes. Many businesses establish strategic planning within a short-range, intermediate, and long-range structure. Short-range typically consists of strategies that demonstrate solutions within a year. Organizations aim intermediate processes at solutions that take multiple years to reach. Long-range systems encompass the company’s broad goals set four or five years later and are typically established on achieving intermediate targets. Planning in this way assists the organization in accomplishing short-range objectives while preserving longer-range goals.
Explain the concept of sales and operations planning and link this concept to both capacity planning and forecasting. Use a specific example to support your answer to this question.
Sales and operations planning is an operation to match a producer’s supply with demand by arranging a working relationship between the sales department and processes to design a single development strategy. The larger goal is to coordinate daily activities with corporate planning. Other sections intensely engaged in the demand and supply part of the equation generally have a hand in sales and operation planning, including advertising, procurement, production, logistics, and capital. Apart from enhancing forecast precision, sales and operation planning can reduce inventory expenses, which, in turn, can increase financial resources by devoting less funds to inventory. Sales and operation planning can also boost revenue and market share by boosting the performance of new products and marketing strategies. The enhanced on-time delivery charges made possible by sales and operation planning can produce higher customer satisfaction and better deals. More clarity into sales, advertising, operations, and revenue data is another benefit that sales and operation planning advocates promote. Furthermore, using proficient sales and operation planning software to power the process can decrease the planning period, thus lowering labor expenses and improving capacity as personnel are absolved of the demanding, often manual work associated with developing forecasts and working together on a collective plan.
References
ProcurePort. (2021, August 9). The five components of Supply Chain Management. ProcurePort Blog. Retrieved September 7, 2022, from https://blog.procureport.com/components-of-supply-chain-management/
Benestad , C. (n.d.). Regression analysis. Retrieved September 7, 2022, from https://users.wpi.edu/~goulet/MME523/chris_b.htm
Moran, M. (2020, January 21). Short and Long-Term Planning. 10Eighty. Retrieved September 9, 2022, from https://10eighty.co.uk/short-and-long-term-planning/
What is sales and Operations Planning (S&OP)? Oracle. (n.d.). Retrieved September 10, 2022, from https://www.oracle.com/scm/supply-chain-planning/sales-operations-planning/s-and-op/
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In a Word document, answer the questions below in APA paper format (double space, 11 or 12 pt font, title page, references, headers). These questions require extensive research. You may use graphics and charts to assist in explaining the answer. Each question should be about an entire page, double-spaced.
Supply Chain Core Concepts
Define the five operations and supply chain processes. Discuss how each identified method can be applied to both a product and a service.
Explain the difference between an exponential smoothing forecasting model and a regression forecasting model. Explain the supply chain assumptions linked to each model and why it is essential to validate these assumptions before using either the exponential smoothing forecasting model or a regression forecasting model.
Link the concept of long, intermediate, and short-range planning to forecasting strategies. Explain how determining capacity requirements and a capacity cushion links forecasting strategies to long, medium, and short-range planning.
Explain the concept of sales and operations planning and link this concept to both capacity planning and forecasting. Use a specific example to support your answer to this question.