Management Supply string management SCM is the management of your network of interconnected businesses mixed up in ultimate provision of product and service deals required by end customers.
The role of quantitative techniques in decision making process Abstract: The second half of the 20th century has been marked by rapid advances of research methods in real problem solving, with rapid progress of the information technology and important structural and institutional changes that shaped a new landscape of the corporate and economic environment towards globalization of markets and trade.
In that process the contribution that quantitative techniques can make to management decision making is significant. Introduction In the business world, and in fact, in practically every aspect of daily living, quantitative techniques are used to assist in decision making.
In order to work effectively in a modern business organisation, whether the organisation is a private commercial company, a government agency, a state industry or whatever, managers must be able to use quantitative techniques in a confident and reliable manner.
Accountants make decisions based on the information relating to the financial state of organization. Economists make decision based on the information relating to the economic framework in which the organization operates.
Marketing staff make decisions based on customer response to product and design. Personnel managers make decisions based on the information relating to the levels of employment in the organization, and so on. Such information is increasingly quantitative and it is apparent that managers need a working knowledge of the procedures and techniques appropriate for analyzing and evaluating such information.
Such analysis and certainly the business evaluation cannot be delegated to the specialist statistician or mathematician, who, adept though they might be at sophisticated numerical analysis will frequently have little overall understanding of the business relevance of such analysis.
The importance of quantitative methods for managers The quantitative methods contain two component parts, the quantitative and method, with asymmetrical attention to the quantitative term. Speaking about method, interest is focused upon the so- called Scientific Method. Science is the mastering of things of the real world, by knowledge about the truth.
The term method drives to dialogue on methodology in science which is clouded, as the phrase scientific method is used in two different ways. The one is very general, as a process of improving understanding. Although vague, it is considered as a powerful definition, since it leaves room for criticizing dogmatic clinging to beliefs and prejudices, or appreciating careful and systematic reasoning about empirical evidence.
The other is the traditional sense, and supports that there is a unique standard method, which is central to identity of the science. In effect, scientific progress requires many methods, so there is not a unique standard method, though taught as a straightforward testing hypotheses derived from theories in order to test those theories.
The more acceptable definition of scientific method is a process by which scientists, collectively and over time, endeavour to construct an accurate that is reliable, consistent and non-arbitrary representation of the real world.
The popular hypothetic-deductive standard method is excluding consideration of the process of discovery in science. Rather, research is defined as a penetrating process of learning and understanding the substance of actual things and facts, by use of different methods. The research process incorporates formulation of a research issue and construction of a conceptual framework, by using all available information sources.
The quantitative methods have a number of attributes, such as: In an increasingly complex business environment managers have to grapple with a problems and issues which range from the relatively trivial to the strategic.
In such an environment the quantitative techniques have an important role. It is obvious that life for any manager in any organization is becoming increasingly difficult and complex.
Although there are many factors contributing to this, figure 1 illustrates some of the major pressures making decision making increasingly problematic.
Organizations find them selves operating in an increasingly complex environment. Changes in government policy, privatization, increasing involvement of the European Union contribute to this complexity. At the same time, organizations face increasing competition from both home and abroad.
Because of the increasing complexity of the business environment in which organizations have to function, the information needs of a manager become more complex and demanding also. The time available to a manager to asses, analyse and react to a problem or opportunity is much reduced.
Managers and their supporting information systems need to take fast, and hope-fully appropriate, decisions.
Finally, to add to the problems, the consequences of taking wrong decisions become more serious and costly. Entering the wrong markets, producing the wrong products or providing inappropriate services will have major and big consequences for organizations.
All of this implies that anything which can help the manager of an organization in facing up to this pressures and difficulties in the decision making process must be seriously considered.With regard to goals for supply chain management, the results show a similar shift between past and future, perhaps another indicator that companies are focusing on pursuing growth in addition to cost containment (Exhibit 2).
Thirty years ago, true supply chain management was almost unknown within American industry. Manufacturers usually made most of the parts being used or how they fit into overall business strategies. This lack of supply chain integration was common within the computer industry during the s.
So was the need for top-level secrecy. Essay on “Logistics and operations management” Type of paper: Essays Subject: Business Words: Arguably, logistics in the recent year has tremendously changed, with the adoption and growth of transport management systems, GPS, Warehouse management systems, GIS, as well as supply chain management.
Change Management and Supply Chain Management: In the modern times of today, globalization, technological advancement, and customers’ supply chain and the concept supply chain management seem to lie in the elusive definitions of the two different focuses.
The concept supply chain management seems to be more. Supply concatenation Management is about the direction involved in the web of interrelated concern theoretical account in the supply concatenation of merchandises and services required by the terminal consumers (Customers).
Efforts to modernize manufacturing through initiatives such as automation, the integration of cloud-based technologies, the incorporation of additive manufacturing and even the utilization of data management tools all can have an impact on a manufacturer’s overall supply chain operations.