Supply Chain Management: Strategies and Best Practices
Topic 1: Supply Chain Management Fundamentals
SCMT Processes
- Plan: Develop a course of action that best meets sourcing, production, and delivery requirements.
- Source: Procure raw materials, goods, and services to meet planned or actual demand.
- Make: Transform raw materials or semi-finished products into a finished state.
- Deliver: Distribute the finished products or services, including handling customer order fulfillment.
- Return: Receive returned products and provide post-delivery customer support.
Objective
Read MoreUnderstanding Market Dynamics: Supply, Demand, and Equilibrium
Understanding Market Dynamics
The market is a set of offers of certain goods or services that are accompanied by their respective demands. These are also called marketplaces or institutions in which certain goods or services are exchanged for money. When the exchanges are performed using money, market players are called applicants (buyers) and sellers or suppliers.
Two Types of Markets
- Market for goods and services: The applicants are the families, and the bidders are businesses.
- Factor market: The
Key Concepts in Economics: Production, Costs, Revenue, and Market Structures
Key Economic Concepts: Production, Costs, and Revenue
Production Timeframes
- Short Run: A period where at least one factor of production is fixed. All production occurs in the short run. The length is determined by the time needed to increase the quantity of the fixed factor.
- Long Run: A period where all factors of production are variable, but technology is fixed. All planning occurs in the long run.
Production Metrics
- Total Product: Total output a firm produces in a given period.
- Average Product: Output
Corporate Finance: Structure, Cycles, and Funding
The Economic and Financial Structure of a Company
For a company to function, it needs to manage a number of assets (inventory, cash, raw materials, etc.). This constitutes its assets and defines the economic structure of the company. To acquire these assets, the company requires funding. The origin of these funds is its liabilities and defines the company’s financial structure.
The Financial Area of a Company
Objective:
- Design the most appropriate financial structure.
- Determine the extent to which candidates
Fundamental Accounting Principles and Standards
Fundamental Accounting Principles
Accounting, as a science, interprets the economic facts of a business. It organizes these facts into accounts for control and presentation. Accounting rests on principles that form its foundation. These principles have been defined based on the experience of the accounting profession and the constant quest for improvement in interpreting economic events in the business world.
1. Equity
Equity between competing interests must be a constant concern in accounting. Users
Read MoreAccommodation Types: Hotels, Self-Catering, and More
Classification of Accommodation
Accommodation is normally classified into:
- Self-Catering Accommodation:
- Guests prepare their meals; no food services are provided.
- Serviced Accommodation:
- Meals and other services are provided.
Classifications depend on:
- Service Quality: Level of staff professionalism and attentiveness.
- Facilities: Equipment and amenities provided.
Types of Serviced Accommodation
- World-Class Service Hotels:
- Used by wealthy and famous tourists, offer high quality, personalized services with dedicated