Question 1"Every organization can be viewed as a set of loosely coupled network activities from theacquisition of raw material to the PT (production and transportation) of intermediate andfinished goods (FG) up until the transportation of FG directly to the customer or a retailoutlet. It is inventory (including work in progress WIP) that makes it "loosely" coupled,where Inventory is defined as the accumulation and storage of products to be consumed inthe next step of the network."Source: Adapted from Fordyce (2020)Analyse the above statement and justify if you agree or disagree with the sentiment of theauthor. Substantiate your answer.(Mark 40)Question 2Identify FOUR broad costs associated with inventory management and explain, in your view,how each of these affect an organisation.(Mark 25)Question 3Based on your understanding of inventory management, provide a motivated opinion on theholding of inventory by organisations in the Fast-Moving Consumer Goods (FMCG) industry.(Mark 25)

ans 1=The present-day competitive business scenario calls for firms to pay much more attention to…

Answered: "Every organization can be viewed as a…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Cachora Dynamics Corp (CDC) has designed a new integrated circuit that will allow it to enter, if it wishes, the microcomputer field. Otherwise, it can sell its rights for $15 million. If it chooses to build computers, the profitability of this project depends on the company's ability to market them during the first year. Two levels of sales are foreseen as two possible outcomes: selling 10,000 computers in case of low demand, but if it is successful it can sell up to 100,000 units (high demand). The cost of installing the production line is $6 million. The difference between the selling price and the variable cost of each computer is $600. a) Develop a formulation for decision analysis and use the non-probabilistic decision rules: Maximin and Minimax. b) Assume that the probability of high demand (p) is 50% and for low demand (1 - p) is 50%, apply the probabilistic criteria: Maximum expected value, Minimum loss of opportunity. c) Determine the VEIP. d) Carry out a sensitivity…
Hi there can you please assist on the following question below. explain the importance of logistics and supply chain management as an area of management in an organisation.
Procurement and Inventory management at Nestle The procurement life cycle followed by Nestle is broken up into several integrated components inthe business and involves large number of intermediary processes like purchase requisition,purchase order, vendor involvement, goods receipt and inventory management and accountspayable. All these processes make together the life cycle of procurement process.Each time an inventory item is received or issued from the inventory at one of the Nestle locations,the system automatically updates stock quantities and values, and reduces inventory. Timeconsuming tasks are simplified through determining optimum source of supply, analyzing andcomparing vendor pricing, issuing purchase orders, managing the authorization for purchaserequisitions, processing invoices for payment and recording the same. The efficient supply chain atNestle requires all stock planning and operational activities to be integrated into a uniformbusiness-process flow.At the…
Supply chain management (SCM) refers to the coordination and optimization of the flow of goods, services, information, and finances from raw material suppliers to end customers. It involves various interconnected activities, including sourcing, procurement, production, inventory management, logistics, and distribution. Effective supply chain management aims to minimize costs, enhance efficiency, and maximize customer value and satisfaction. By leveraging technology, data analytics, and strategic partnerships, organizations can streamline operations, reduce lead times, mitigate risk, and respond swiftly to changes in demand or market conditions, thereby gaining a competitive advantage in the marketplace. Question: How does effective supply chain management contribute to the overall success and competitiveness of organizations in today's globalized and interconnected business environment?
The Logistics Scoreboard
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The SCM term "reverse logistics" implies a.The heavy use of RFID b.Customers must be extremely happy c.The movement of materials from the back end of a supply chain to the front end d.Suppliers must be doing an excellent job e. the process of transporting returned materials

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