Importance of Innovation Strategies in Organizations

Modern Management Concepts

Becoming a Better You: A Guide to Self-Learning While Working Full-Time

General Business Articles

Concept of National Innovation Systems

International Business

Case Study: Henry Ford’s Contributions to Organizational Behavior and Leadership

Management Case Studies

De Bono’s Six Thinking Hats: A Creative and Critical Thinking Model

Human Resource Management

Components of Supply Chain

A supply chain is a network of manufacturers, suppliers, distributors, transporters, storage facilities and retailers that perform functions like procurement and acquisition of material, processing and transformation of the material into intermediate and finished tangible goods, and finally, the physical distribution of the finished goods to intermediate or final customers.

Major Components of Supply Chain

A supply chain may consist of variety of components depending on the business model selected by a firm. A typical supply chain consists of the following components:

  1. Customers: The customer forms the focus of any supply chain. A customer activates the processes in a supply chain by placing an order with the retailer.
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Supply Chain Management Processes

Although there are many views of supply chain management (SCM), at present, many practitioners look upon SCM as the management of key business processes across the network of organizations that form the supply chain. A supply chain is a network of manufacturers, suppliers, distributors, transporters, storage facilities and retailers that perform functions like procurement and acquisition of material, processing and transformation of the material into intermediate and finished tangible goods, and finally, the physical distribution of the finished goods to intermediate or final customers.

According to the definition given by the Global Supply Chain Forum, supply chain management is the integration of key business processes from end-user,to original suppliers that provides products, services, and information that add value for customers and other stakeholders.… Read the rest

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Agency Theory in Financial Management

Agency theory is often described in terms of the relationships between the various interested parties in the firm. The agency theory examines the duties and conflicts that occur between parties who have an agency relationship. Agency relationships occur when one party, the principal, employs another party, called the agent, to perform a task on their behalf. Agency theory is helpful in explaining the actions of the various interest groups in the corporate governance debate. For example, managers can be seen as the agents of shareholders, employees as the agents of managers, managers and shareholders as the agents of long and short-term creditors, etc.… Read the rest

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An Overview of Real-Time Operating Systems (RTOS)

Real-Time Operating Systems (RTOS) are Operating Systems for systems operating in Real Time. These Operating Systems have functions dedicated to detecting and responding to tasks from the real world within their deadlines.  Real-Time  Operating Systems are systems that are subject to real time limitations and are expected to deliver services within strict time boundaries. The correctness of such systems depends not only on computational output, but also on the instant at which the system produces the output.

Real-Time Operating Systems (RTOS) can be generally categorized into soft and hard real time systems. When a deadline is missed in a hard real time system, i.e.… Read the rest

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Quality Control Tools

Quality Control (QC) is a system of routine technical activities, to measure and control the quality of the inventory as it is being developed. The  Quality Control system is designed to:

  • Provide routine and consistent checks to ensure data integrity, correctness, and completeness;
  • Identify and address errors and omissions;
  • Document and archive inventory material and record all QC activities.

Seven Quality Control Tools The following seven quality control tools are considered basic tools for achieving quality.

  1. Flow Chart: It is a visual representation of process showing the various steps. It helps in locating the points at which a problem exists or an improvement is possible.
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Supply Chain Performance Measurement

The main objective of performance measurement is to provide valuable information which allows firms to improve the fulfillment of customers’ requirements and to meet firm’s strategic goals. It is therefore important to measure how effectively the customers’ requirements are met and how resources are efficiently used to reach a certain level of customer satisfaction. Supply chain performance measurement is used to evaluate the effectiveness and efficiency of organizational structures, processes and resources not only for one firm but also for the entire supply chain. It provides some basis for understanding the whole system, influence the behavior and supply information about the performance of the supply chain participants and stakeholders.… Read the rest

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