PRivers6

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University of Phoenix *

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OPS/574

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Industrial Engineering

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Jan 9, 2024

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docx

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Uploaded by xzavianaboddie

LeMay, Helms, Kimball, and McMahon (2017), state that “the supply chain as a network operates as a complex adaptive system, where every agent grapples with the tension between control and emergence. For the purposes of this assignment, the agents work to deliver a product to consumers. The pictogram that I created shows the process that raw materials go through in an effort to place products at consumers' fingertips. The process begins when raw materials are gathered or purchased and presented to suppliers who listen to the pitch and determine whether or not they are interested in purchasing and manufacturing the raw material. Once the decision to be involved happens, then the raw material is shipped to manufacturing companies and the suppliers explain the process for successfully making a profit off the purchased materials. The final products are then distributed to various brick-and-mortar stores for consumer purchase. Value chain is described as the activities that are performed within and or around an organization to improve and increase the organization’s market competitiveness (Mercadal, 2023). This includes but is not limited to what customers value and what the company wants to achieve. It is important to note that the flow of structure for the supply chain does not necessarily move in one direction. In other words, while it is ideal for the flow to happen effortlessly from raw materials to consumers it is also possible for products to be returned by consumers which in turn could push ass the way back to the start because of the cause of the return. Inputs and outputs are extremely influential in the supply chain management cycle. Here customer satisfaction, order fulfillment, inventory control, and purchasing are the keys to successful supply chain management. The supervision and optimization of these processes including the process of acquiring inputs from suppliers, converting the inputs into finished products, and delivering those products to consumers is managed by the supply chain (Wang, 2020). Each step has an input that is solely based on the previous step’s output.

“Inventory forecasting, also known as demand planning, is the practice of predicting required inventory levels for a future period by using past data, trends, and known upcoming events” (Patent Issued for Cash-point Inventory Management with Demand Forecasting, 2021). Being able to successfully calculate the inventory requires fulfilling future orders based on anticipated sales and having nonexistent waste ensuring businesses have enough product without overspending. As for the sourcing activities, this is the procurement process involved in identifying and evaluating potential suppliers, engaging with selected suppliers, and selecting the best value suppliers. Doing the latter allows for increased profits as well as minimal waste. Every business has risks and every process has risks. Successful supply chain management includes risks assessments that aid in ensuring the company can handle the impact of risks (Elgie, Singh, and Telesford, 2021). In addition to calculating risks, companies are forced to consider location when thinking of maximizing customer value and achieving and maintaining a long-term competitive advantage.

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