Performance Management: An Introduction
Cooperation in the supply chain can increase the profitability and also improves the delivery performance and service by reducing the logistics costs. The idea of making profits with the proper implementation of SCM can be traced back to the definition used within logistics. Focus here is on reducing the costs of logistics by, for example, reducing transport, inventory and order processing costs. A total cost analysis can illustrate how much SCM cooperation can contribute to overall savings, and as a result, why it is a good idea to focus on costs. However, SCM cooperation should not be seen solely as…
Read MoreThe Concept of Process Orientation
Process Orientation The Supply Chain Management, with its overall perspective on the supply chain, has been difficult for many companies to operationalize. Looking from operational level, the complexity of Supply Chain Management is so vast that it is necessary to break down the supply chain into smaller segments in order to understand it. This does not mean that the overall perspective is thrown aside, but rather that is must be looked at as a way to create a foundation for realizing the vision and perspectives of the supply chain management concept. Function or Process Orientation Today, much focus and attention…
Read MoreKeynesian Model In Economics
Keynesian Model In Economics Consumption is the spending on consumer goods over a given period, usually a year. Consumer goods are goods and services that are consumed or used up within the year, such as food or electricity. In practice, however, many goods counted as consumption goods last longer than a year such as dresses, cars and toasters, etc. John Maynard Keynes made two key assumptions about what determines consumption spending. Assumption 1: People base their consumption spending mainly on their current take-home pay, i.e., on disposable income or DI. Assumption 2: When people get additional income, they do not…
Read MoreThe Concept of Recessions In Economics
Economics - Recessions In Economics, Recessions can be found in business cycles. Business cycles are the total ups and downs of an entire nation or possibly the entire world from time to time, over a period of more than 10 years. Recession in Economics is considered to be a decline in economic activity. An economy operating at its potential level is said to be at full employment. At full employment, some unemployment occurs. This is consistent with the shifting of workers between jobs due to changing tastes and technology. A recession occurs when GDP falls significantly below its full employment level. The Department of…
Read MoreThe Concept of Facility Location
Operations Management Facility Location In company’s strategy formulation, the type of goods and services it shall offer, the markets in which it will compete will be determined. Demand forecasts are made to estimate the demand for a particular product in various markets. In this regard the company’s strategy will also include selecting the location from which potential markets will be served. The location of a service operation will help determine how conveniently customers can conduct business with the company. Location of production and service operations can have a great impact on investment and operating costs, thereby affecting profits and perhaps…
Read MoreUnderstanding Financial Statement Analysis
Financial Statement Analysis The basic limitation of traditional approach to financial statements comprising balance sheet and the profit and loss account is that they do not give all the information related to the financial operations of a firm. Nevertheless, they provide some extremely useful information to the extent that the balance sheet mirrors the financial position on a particular date in terms of the structure of assets, liabilities and owners’ equity and so on and the profit and loss account shows the results of operations during a certain period of time in terms of the revenues obtained and the cost…
Read MoreFinance Working Capital
Finance Working Capital Working Capital policy involves decisions about a company’s current assets and current liabilities – what they consist of, how they are used and how their mix affects the risk versus return characteristics of a company. Both the terms working capital and net working capital normally denote the difference between a company’s current assets and current liabilities. The two terms are often used interchangeably. Working capital policies, through their effect on the firm’s expected future returns and the risk associated with these returns, ultimately have an impact on shareholders’ wealth. Effective working capital policies are crucial to a…
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