Question

1. Aggregate Planning

2. Supply Chain Management

3. Master Scheduling

4. Inventory Management

5. Demand Forecasting and Lead Times

6. Economic Order models

7. Economic Production Quantities

8. Strategies for managing uneven demand

9. Tools and/or systems used to control inventory, establish EOQs, and forecast demand

10. Day-to-day scheduling methods and systems

IMPORTANT: Once you have a good handle on each of these concepts and how they affect a business, pick any 4 concepts that you want to evaluate where you work.

Answer 1

Supply chain management Supply chain management mainly deals with the raw material procurement and facilitation of the products to the ultimate consumer. This operation has a very large impact on the overall performance of the company and a lot of firms are not focusing on having an effective and efficient supply chain. This plays a very important role in my current organization as it ensures that the product is resent to the customer whenever he needs it. If the supply chain is no effective, it can result in loss of sales and ultimately harm the financial sustainability of the firm.

Inventory management= managing the inventory or the stock of various materials in the firm is quite important as it has the potential to impact both the operations and financial stability of the firm. The inventory plays a significant role in my company as if he inventory is managed too much then it results in blocking of capital and if the inventory is managed low then the chances of interruption in production and loss of sales are quite high.

Demand Forecasting and Lead Times= For any organization, it is important to forecast the demand so that accordingly it can manage the raw material, operations, manpower. If the demand forecast is not accurate it can have its effect both on the long term sustainability, can result in loss of sales or waste of resources. Having an accurate forecasting method and least lead time is important for a successful business as it will make sure that the business produces the product which is matching with the demand.

Economic Production Quantities= EOQ is the amount of the inventory that has to be ordered which minimizes the total cost of the inventory. This is quite important as it will make sure that the business has a sufficient or adequate amount of the stock which is neither less nor more and thus has the proper balance in the inventory and the demand of the raw material.