Chapter 4, Problem 2MBD

(a)

Explanation of Solution

Course to Start Own Business

It is very easy for the students to create start-ups while they are in college because most of them come from a business background where entrepreneurship is embedded in them...

(b)

Explanation of Solution

Critical Success Factors (CSFs):

The crucial steps that are performed by the companies in order to achieve their goals and objectives and implement their strategies are called as Critical success factors. For a business strategy’s success, CSFs are considered as the crucial elements.

Key Performance Indicators (KPIs):

The quantifiable metrics that are used by the company to evaluate progress towards critical success factors is termed as Key performance indicators. With the quantifiable measurements, KPIs measure the progress of CSFs and one CSF can have several KPIs...

(c)

Explanation of Solution

Supply Chain Management (SCM):

Supply Chain Management is defined as design, planning, implementation and combination of all supply chain process. Supply Chain Management is uses a gathering of methods, tools and organization actions to aid industries grow combined supply chains that backing business approach.

Customer relationship management:

Customer relationship management is a methodology that manages an organization’s communication with their customers. This method uses client’s history with the company to improve business relationships.

SCM and CRM Metrics:

• A metric is a standard measure that is used to assess performance in a particular area.
• Supply chain management metrics will help an organization to understand about its operations over a given period of time...