Internal Assignment - 1
Answer A -
Logistic value proposition consists of a commitment to keep customer expectation and requirement at a minimum cost. There are two elements of the preposition that are services and cost minimization. The organisation must make appropriate trade-offs between the services and the cost for each of its customers(Dubey et al., 2017). Importance of logistics to the business comprises of manufacturing, logistic expenditures and sustainable competitive advantage.The key goal of logistic management is to satisfy the needs of the customer and their expectation towards the organisation. It satisfy the customer expectation for supplying the products while minimising the overall cost the managers of the organisation must support the needs for procurement production and customer accommodation supply chain operations. It is considered as commitment of the organisation towards its customer expectation and needs. The key element of the logistic value proposition is the services and the cost minimization. The organisation should take appropriate trade off relationship among the cost and services for each of their key patrons. The services involve the consistency and the delivery of the product along with the quality attributes of Logistics. Organisation makes various strategies in order to manage the logistic department of the organisation as it plays a key role in order to fulfil the needs and demand of the customers. This is very important part of the organisation because it deals with the customer expectation towards the organisation in terms of minimising the cost and services that organisation provides to the customer. Organisation has special team that undertake the Logistic management of the organisation.
Answer B -
The warehouse is considered a building for storing goods and products. It is used by the manufacturers, exporters, transport business, customs, importers etc. These usually consist of large plane buildings in industrial parks on the borders of villages’ cities or towns(Genovese, Acquaye, Figueroa &Koh, 2017). There are different types of warehouses such as private warehouse, public warehouse, fulfilment centre, automated warehouse, distribution centre etc.Distributions warehouses are typically used for the storage of large quantities of goods. This kind of warehouses is usually used by the manufacturers in order to store the product for a period of time. Private warehouses are used by the private companies in order to store the goods. The standoff warehouses maybe construct on side and off side near the manufacturing unit. Public warehouses are used by the small companies with short term warehousing needs. Automated hardware are highly agile fast and efficient. This kind of warehouses is highly updated with the technologies and has all the settings of receiving storing and moving the goods. This kind of warehouses uses modern equipment’s in order to move the goods and product quickly from one warehouse to other or from one place to another. The major functioning of warehouses are comprises for the storage of goods, protection of products, risk bearing, financing processing, grading and branding and transportation. Warehouses are highly important for manufacturing industries and in fact every industry needs a warehouse in order to store the goods.
Short Notes -
New product development strategy -
New product development strategy is a kind of strategy that is grounded on mounting new products or modifies the present product so that it can offer more enhanced services. It is a process through which a completely new product will bring to the market along with various business considerations. The new product will cover all the needs and requirements of the customer that are not present in the existing product(Herczeg, Akkerman&Hauschild, 2018). This process is completed through a number of steps that is the identification of market, needs establishing, the timeframes, identifying key issues and so on.
The function of the production operation manager -
Various roles and responsibilities that are undertaken by the production or operation manager in the organisation are as follows. They are the key component of all manufacturing companies and structured and manage the organisation processes. The function of a manager is to complete the different stages of the production cycle that is a production planning, production controlling and continuous improvement. The pivotal role that managers comprise of production and operations management that usually work very carefully with other partition in the company.
Supply risk -
Supply risk is a kind of risk that organisation face due to you its ability to buy the raw materials that is necessary to manufacture the products. For example, corn mill has a supply risk of an adequate supply of corn that is grown by the farmers. The farmers are not able to transport it to the mill which causes supplier risk to the organisation(Coughlan, Draaijer, Godsell& Boer, 2016). Supplier risk is caused due to various problemssuch as shortage, price increase, delivery failure, supplier relationship,unavailability, discontinued items etc. Supply risk highly impacts the production of the organisation if the organisation is manufacturing any product.
Production planning system -
The planning system is arrangement of production and engineering models in an organisation or an industry. Production planning consumes the supplydistribution of practices of staffs, material and manufacturevolume to helpdiverse customers. It consists of five-step such as forecast, demand, determine the potential options for production, choosing the option that uses resources most efficiently, self-analysis of the organisation performance and adjust. The main motive of the production planning system is to deliver the raw materials in a sufficient quantity at the workplace so that the final product will be created with perfection and within the time frame.
Operations strategy -
Operations strategy is defined as the methods that are used in the organisation to accomplish their goals and objective. It is a process through which an organisation operates and examines the effective system for using resources, personal and work processes. The main motive of the operation strategy is to plan the operations function that can add the organisation to make the best use of its raw material and resources(Tiwari, Wee &Daryanto, 2018). It is a very effective process that operation has the organisation to ensure the smooth working of the organisation and managing the resources efficiently.
Answer A -
There is a huge difference between goods and services as goods are the materials that the customers are prepared to purchase for the price but the services are the amenities that are the benefits provided by the other persons or by an organisation to its customers.Goods are considered as the product which has to be transported, marketed, stored and manufactured while on the other hand services are considered as the collector action performed by land division in order to deliver best services to the customers. This difference is grounded on tangibility on which goods are considered as tangible in nature while the services are mostly considered as intangible. When comparing the services and goods then the involvement of customer is very important. The involvement of customer is in terms of services and in terms of good there is no such involvement of customers. In terms of ownership when a purchaser buy a good from the wholesaler or retailer then the ownership of that good is transferred to them. While in case of services the ownership is not at all transferred with the delivery of particular services. In terms of return policy the services are not at all return once they have been served then and there is no return ability. In terms of goods as it is easy to return the goods that has been purchased from the shop. Goods are often referred as the mass product that has high level of quality control in order to ensure the uniformity(Jabbour& de Sousa Jabbour, 2016). The organisation can keep an inventory for the goods which can be depleted at sales and can be replenished with further production. However in terms of services, it is not keep an inventory. Goods can be seen and touch while the services cannot be seen and touched but it can be felt. It is also noted that there is a time gap between the production and consumption of the goods on the other hand services have no time gap between the production and consumption of services. Examples of goods are pen, paper, notebook etc. Examples of services are plumbing, medical care, teaching etc.
Answer B -
Supply chain management refers to the management of the flow of goods and services that includes all the processes which transform raw material into its finished product. The core objective of supply chain management is to oversee and control the movement of services as well as goods from manufacturer to the purchaser(Jabbour& de Sousa Jabbour, 2016).Supply chain management is the integral part of the organisation as it connects the networks among the individuals, resources, activities, technologies involvement etc. Supply chain start from the delivery of raw material to the delivery of finest product to the customer. Supply chain management overseas every touch point of the organisation product or services from its initial stage to its final one. Strong supply chain management keep the organisation out of the headlines and far away from expensive lawsuits. It also helps the organisation to detect the access cost and supply final product to the customers in a short period of time.
Short Notes -
Location rating model -
Location rating model is a type of model that is available to identify the ideal location. Theory of location of industries was evaluated by Alfred Weber and according to him, manufacturing plants located in the place where the cost is the least for the organisation. Location rating model helps manufacture plant in order to choose the appropriate area where an organisation can maximize the profit with less difficulty and loss(Jabbour& de Sousa Jabbour, 2016). This rating model is usually used by the industry that is searching to expand their business in another location. This model helps them to choose the perfect location for setting up the new industry.
Principles of plant layout -
Plant layout is defined as the plan for operativedeployment of facilities for the production of goods and services that the organisation offers most efficiently and economically. It aids the organisation to arrange the machines, materials and other personnel for the organisation. The principle of plant layout comprises of ten principles that include flexibility, space, utilisation, overall integration, dependence, safety, economy, smooth flow, satisfaction and supervision(Dubey et al., 2017). These are the ten principles of plant layout which reduces the material handling cost for the organisation.
Logistic value proposition -
Logistic value proposition consists of a commitment to keep customer expectation and requirement at a minimum cost. There are two elements of the preposition that are services and cost minimization(Jabbour& de Sousa Jabbour, 2016). The organisation must make appropriate trade-offs between the services and the cost for each of its customers. Importance of logistics to the business comprises of manufacturing, logistic expenditures and sustainable competitive advantage Issue of the purchase order
Issue of the purchase order is used to describe the process of sending a purchase order to a vendor. Hear the terminology issue refers to the all possible methodology for sending the order to the vendor. There are different methods of issue available purchase through the internet,email,fax paper etc. As there are both processes involves such as online and mass issue form in order to issue draught and final copies of the purchase order(Tiwari, Wee &Daryanto, 2018). The system is made for the customers in order to provide all the benefits from the organisation in terms of any issue related to the product.
Inventory turnover analysis -
Inventory turnover analysis ratio showing the process through which a firm can sell and replace recordthroughout a given period. It is a ratio that reflects how many times an organisation has wholesaled and replaces the record during the specified period. The organisation can divide these times in the period by that record turnover formula to compute the days it takes to trade the inventory(Tiwari, Wee &Daryanto, 2018). It is a very beneficial formula for the organisations in order to calculate the inventory turnover of the organisation.
Coughlan, P., Draaijer, D., Godsell, J., & Boer, H. (2016). Operations and supply chain management. International Journal of Operations & Production Management.
Dubey, R., Gunasekaran, A., Papadopoulos, T., Childe, S. J., Shibin, K. T., &Wamba, S. F. (2017). Sustainable supply chain management: framework and further research directions. Journal of Cleaner Production, 142, 1119-1130.
Genovese, A., Acquaye, A. A., Figueroa, A., &Koh, S. L. (2017). Sustainable supply chain management and the transition towards a circular economy: Evidence and some applications. Omega, 66, 344-357.
Herczeg, G., Akkerman, R., &Hauschild, M. Z. (2018). Supply chain collaboration in industrial symbiosis networks. Journal of cleaner production, 171, 1058-1067.
Jabbour, C. J. C., & de Sousa Jabbour, A. B. L. (2016). Green human resource management and green supply chain management: Linking two emerging agendas. Journal of Cleaner Production, 112, 1824-1833.
Tiwari, S., Wee, H. M., &Daryanto, Y. (2018). Big data analytics in supply chain management between 2010 and 2016: Insights to industries. Computers & Industrial Engineering, 115, 319-330.
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