Supply Chain Management
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Competitive and Cooperative Inventory Management in a Two- Echelon Supply Chain with Lost Sales
University of Pennsylvania ScholarlyCommons Operations, Information and Decisions Papers Wharton Faculty Research 11-1999 Competitive and Cooperative Inventory Management in a Two- Echelon Supply Chain With Lost Sales Gerard. P. Cachon University of Pennsylvania Follow this and additional works at: https://repository.upenn.edu/oid_papers Part of the Business Administration, Management, and Operations Commons, and the Operations and Supply Chain Management Commons Recommended Citation Cachon, G. P. (1999). Competitive and Cooperative Inventory Management in a Two-Echelon Supply Chain With Lost Sales. Fuqua School of Business, 1-34. Retrieved from https://repository.upenn.edu/ oid_papers/5 This paper is posted at ScholarlyCommons. https://repository.upenn.edu/oid_papers/5 For more information, please contact [email protected]. Competitive and Cooperative Inventory Management in a Two-Echelon Supply Chain With Lost Sales Abstract This paper studies inventory management in a two echelon supply chain with stochastic demand and lost sales. The optimal policy is evaluated and compared with the competitive solution, the outcome of a game between a supplier and a retailer in which each firm attempts ot maximize its own profit. It is shown that supply chain profit in the competitive solution is always less than the optimal profit. However, the magnitude of the competition penalty is sometimes a trifle, sometimes enormous. Several contracts are considered to align the firms’ incentives so that they choose supply chain optimal actions. These contracts contain one or more of the following elements: a retailer holding cost subsidy (which acts like a buy-back/return policy), a lost sales transfer payment (which acts like a revenue sharing contract) and inventory holding cost sharing. -
Transforming the Retail Supply Chain Apparel, Fashion and Footwear GS1 Standards in Action
Transforming the Retail Supply Chain Apparel, Fashion and Footwear GS1 Standards in Action Collaborating in the dynamic retail industry In today’s omni-channel retail world, consumers are in control. They have embraced social media, online search and mobile apps—giving them instant access to product information to make buying decisions. Consumers are driving a retail environment where fast fashion translates to high-speed product turnover and a vast number of stock-keeping units that must be managed. On the supply side, retail production is complex and “ Implementing EPC-enabled truly global in scope where brands and manufacturers alike source materials and labour from a worldwide network of suppliers. RFID technology has been This dynamic retail industry calls for increased collaboration across the one of the most significant supply chain for improved speed-to-market capabilities and efficiencies. technological steps Partners in the apparel, fashion and footwear (AFF) sector are looking to inventory management and procurement processes to help drive Macy’s has taken toward these improvements. improving our supply Inventory Accuracy with EPC/RFID chain performance, and Industry leaders are starting to “tag at the source” by applying GS1 ultimately our customer EPC-enabled RFID tags on items at the point of manufacture. Using service, in the last 20 years. standards-based product identifiers—Serialised Global Trade Item Numbers (SGTINs) encoded into EPC tags, manufacturers can provide true visibility It is one of the keys to our of merchandise as it travels to distribution centres and stores. omni-channel success, and Brand owners utilise EPCs to easily verify the accuracy and completeness because we’ve already of shipments received—each identified by a GS1 Serial Shipping Container Code (SSCC)—and can track shipping processes to reduce counterfeits seen solid results, we from entering the supply chain. -
Global Trade and Supply Chain Management Sector Economic
Connecting Industry, Education & Training Sam Kaplan, Director, Center of Excellence for Global Trade & Supply Chain Management The Mission of the Center of Excellence for Global Trade & Supply Chain Management is to build a skilled workforce for international trade, supply chain management, and logistics. 2 Defining the Supply Chain Sector “If you can’t measure it, you can’t improve it.” “You can't miss what you can't measure.” – Peter Drucker —George Clinton, Funkadelic 3 Illustrative Companies Segment Subsector/Activity Description and Organizations Domestic and international freight vessels, Marine cargo shipping e.g., Tote, as well as supporting operations Tote Maritime, Foss Maritime such as tugs. Movement of cargo from one mode to another BNSF, UP, SSA Marine, Transloading & Intermodal and consolidation and repackaging of goods, MacMillan-Piper, Oak Harbor including between container sizes. Freight Lines. Transportation, Distribution Air cargo jobs at Alaska & Logistics Freight airlines (e.g., Air China) and air cargo Air cargo shipping Airlines and Delta, Hanjin ground-handling operation. Global Logistics, Swissport. Freight forwarding Freight arrangement and 3rd Party Logistics Expeditors International Warehousing & storage Dry and cold storage facilities and packaging. Couriers Express delivery services DHL, FedEx, UPS Procurement and supply chain management Procurement, sales, import and export of Supply chain and Supply Chain Management across local manufacturers, wholesalers, finished and/or intermediate goods and procurement units within local shippers materials, customer service. manufacturers. Letters of credit and other short-term lending U.S. Bank, Bank of America, Trade finance for exporters and importers. Washington Trust Supply Chain Services Compliance ITAR and other regulatory compliance issues. -
AT&T Business Trade-In Program in Premier
AT&T Business Trade-In program in Premier Company Administrator Quick Guide July 2019 1 © 2019 AT&T Intellectual Property. All rights reserved. AT&T, Globe logo, Mobilizing Your World and DIRECTV are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners. AT&T Business Trade-In overview © 2019 AT&T Intellectual Property. All rights reserved. AT&T, Globe logo, Mobilizing Your World and DIRECTV 2 are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners. AT&T Business Trade-In benefits Capitalize on the mobile lifecycle The AT&T Business Trade-In program helps company administrators get the newest devices faster - and with less out- of-pocket costs. The program enables you to trade in your old wireless devices from any carrier and receive credit for their value. The credit is applied directly to your AT&T wireless account, usually within 2 billing cycles, helping to offset the costs of future investments. Value Security Environmental Stewardship Device value is applied as credits Industry-leading data Devices are responsibly recycled, to your wireless bill, offsetting protection with certified in compliance with environmental future device investments. sanitization process. certifications of R2, ISO 14001 & OHSAS 1800. Images provided in this presentation are for illustrative purposes only. 3 © 2019 AT&T Intellectual Property. All rights reserved. AT&T, Globe logo, Mobilizing Your World and DIRECTV are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. -
Why Procurement Professionals Should Be Engaged in Supply Chain
business solutions for a sustainable world WBCSD Future Leaders Team (FLT) 2011 Why procurement professionals should be engaged in supply chain sustainability “The Future Leaders Team is an unparalleled of common challenges – across sectors – and learning experience for young managers of WBCSD shared best practices. Above all, they experienced member companies. They have the opportunity to what is recommended here: engaging people in understand the benefits of why sustainability matters sustainability. I am convinced that they brought back to business and to develop a solid international valuable knowledge and information to their jobs.“ and professional network. Sustainability is complex subject is some cases, and it is therefore crucial for Congratulations to Eugenia Ceballos, John Zhao, multinational companies to enrich their work with Baptiste Raymond, and to all participants of the other companies’ experiences through collaboration. Future Leaders Team 2011! FLT 2011’s theme was sustainability in the supply chain, which is increasingly considered as an area of direct responsibility for companies. The following report reflects FLTs’ peer learning experience and team work. This is not the work of experts or consultants. Rather, the three managers from DuPont China, Holcim and Lafarge, took this opportunity Kareen Rispal, to engage with key people across functions and Lafarge Senior Vice President, geographies within their companies. In doing Sustainable Development so, they have deepened their understanding and Public Affairs I. Why procurement functions all stakeholders involved in bringing products and services to market. should be engaged in sustainability for their We believe that a sustainable supply chain can drive supply chain: competition and profit, and is a great opportunity to make a difference to companies, communities 1. -
Historical Evolution of Management Accounting
1990's: Value Based Management Focus shifted to include the creation of customer value, strategy, balanced scorecards, EVA, and other related concepts. 1980's: Lcan Enterprise CA M-I Cost Management Focus shifted to the reduction of waste, JTT, teamwork, ABC, target costing, quality, investment & product life cycle management. 1951 - 1980's: Managerial Accounting Focus shifted to providinginformation for management planning & control. 1920 - 1950: Cost Accounting Matching concept developed. Focus on cost determination and financial control. 1812 - 1920: Accountingfor Processes Prior to the matching concept. Focus on operating cost and efficiency of processes. Shah Kamal Historical Evolution of Assistant Relationship Manager Management Accounting Bank Alfalah [email protected] Abstract The obsolescence of most companies' cost accounting and management control systems is particularly unfortunate for the global competition of the 1980s (Johnson & Kaplan, 1987). During the past two decades, conventional cost and management accounting practices have been under extensive criticism for their malfunction to instigate change and their inability to support management accounting innovations in coping with the requirements of a changing environment. The academic literature has been crucial of conventional management accounting systems particularly for their lack of efficiency and capability to present comprehensive and the latest information and to assure decision makers and potential users of such information. Focusing on this debate, current study reviews the evolution of cost and management accounting innovations over the past century around the world and to examine whether there has been a significant impact of management accounting in the organization. The analyses suggest that management accounting is changing. However, these changes do not have much bearing upon the type of management accounting techniques. -
College of Business and Economics Supply Chain Management
COLLEGE OF BUSINESS AND ECONOMICS SUPPLY CHAIN MANAGEMENT BACHELOR OF SCIENCE DEGREE IN SUPPLY CHAIN MANAGEMENT What is Supply Chain Management? Much more than logistics, Supply Chain Management (SCM) integrates supply and demand management within and across companies. It is one of the most critical issues in global business today, and offers outstanding career opportunities for suitably qualified graduates. Supply chain spending is growing faster than the overall economy, and in 2006 over $1.3 trillion was spent on SCM activities, which was more than 9.5% of the U.S. GDP. What are the typical job opportunities in SCM? There is plenty of good news for new graduates in the fascinating and diverse field of SCM. Opportunities abound in manufacturing and production companies, retailers and distributors, consulting firms, service firms, government agencies, transportation companies, third party logistics providers, and universities and educational institutions. Famous firms such as Nestlé, WalMart, Disney, Best Buy, Caterpillar, Boeing, Microsoft, Hewlett- Packard, and Nike, are just a few of the names of firms whose SCM expertise is legendary. What is the salary outlook in SCM? Excellent employment prospects, a fast-paced, fulfilling work environment, and the opportunity for career growth all sound great, but you’re still thinking “show me the money!” Starting SCM salaries for 2007 college graduates with a SCM major average $45,771 according to the National Association of Colleges and Employers. And that’s just the beginning! As your experience and responsibilities grow, you can expect to earn an average of $89,300 as a Supply Chain Manager, according to the 2007 Mercer Benchmark Database for Logistics and Supply Chain Positions. -
1.1 International Trade 1.2 Global Business Basics 1.3
GLOBAL BUSINESS U.S. DEPARTMENT OF COMMERCE “How can our company sell electric motors in Eastern Europe?” “What are the biggest markets for soft drinks in Asia?” “What trade barriers might be encountered when doing business in Latin America?” Trade Specialists at Export 1.1 INTERNATIONAL TRADE Assistance Centers of the U.S. Department of Commerce are ready to answer these, and other, international trade questions. With offices in more than 80 cities around the U.S., Trade Specialists are able to 1.2 GLOBAL BUSINESS • research potential foreign markets for a product or service • help locate customers in other BASICS countries • assist with developing an interna- tional marketing plan Additional exporting and interna- tional trade information is available 1.3 ECONOMICS OF GLOBAL from the U.S. Department of Commerce at www.ita.doc.gov and www.usatrade.gov BUSINESS THINK CRITICALLY 1. Why are Export Assistance Centers important to business and the economy? 2. What skills would be necessary to work as a trade specialist in an Export Assistance Center? The Chapter 1 video for this module introduces the concepts in this chapter. A Global Business Plan PROJECT OBJECTIVES I Become aware of the geographic, economic, cultural, and political factors that influence international business activities I Develop an understanding of methods used for measuring international trade activities I Explain the factors that influence the level of economic development in a country GETTING STARTED Read through the Project Process below. Make a list of materials that you will need. Decide how you will get the needed materials or information. -
Trade Management Guidelines
Trade Management Guidelines TRADE MANAGEMENT TASK FORCE Theodore R. Aronson, CFA, Chairman Aronson + Partners Gregory H. Bokach, CFA Damian Maroun American Century Investment Management G.E. Asset Management Corporation Eugene K. Bolton Jean Margo Reid G.E. Asset Management Corporation Paul Richards* Michael H. Buek, CFA Financial Services Authority The Vanguard Group H. Paul Reynolds Richard A. Carriuolo Frank Russell Securities, Inc. R.M. Davis, Inc. George U. Sauter Gene A. Gohlke, Ph.D., CPA* The Vanguard Group U.S. Securities and Exchange Commission Erik R. Sirri Paul S. Gottlieb Babson College Merrill Lynch Wayne H. Wagner Joanne M. Hill Plexus Group Goldman, Sachs & Co. Jessica L. Mann, CFA Donald B. Keim CFA Institute The Wharton School Maria J. A. Clark, CFA Anthony J. Leitner CFA Institute Goldman, Sachs & Co. Ananth Madhavan ITG, Inc. * Observer. 1 CFA INSTITUTE TRADE MANAGEMENT GUIDELINES Recognizing the ambiguities and complexities surrounding the concept of Best Execution,1 CFA Institute Trade Management Task Force has developed the CFA Institute Trade Management Guidelines (Guidelines) for investment management firms (Firms). The recommendations contained herein stem from the obligations Firms have to clients regarding the execution of their trades and provide Firms with a demonstrable framework from which to make consistently good trade-execution decisions over time. The Guidelines formalize processes, disclosures, and record-keeping suggestions that, together, form a systematic, repeatable, and demonstrable approach to seeking Best Execution. It is important to note that the Guidelines are a compilation of recommended practices and not standards. CFA Institute encourages Firms worldwide to adopt as many of the recommendations as are appropriate to their particular circumstances. -
Ownership and Control of Private Firms
WJEC BUSINESS STUDIES A LEVEL 2008 Spec. Issue 2 2012 Page 1 RESOURCES. Ownership and Control of Private Firms. Introduction Sole traders are the most popular of business Business managers as a businesses steadily legal forms, owned and often run by a single in- grows in size, are in the main able to cope, dividual they are found on every street corner learn and develop new skills. Change is grad- in the country. A quick examination of a busi- ual, there are few major shocks. Unfortu- ness directory such as yellow pages, will show nately business growth is unlikely to be a that there are thousands in every town or city. steady process, with regular growth of say There are both advantages and disadvantages 5% a year. Instead business growth often oc- to operating as a sole trader, and these are: curs as rapid bursts, followed by a period of steady growth, then followed again by a rapid Advantages. burst in growth.. Easy to set up – it is just a matter of in- The change in legal form of business often forming the Inland Revenue that an individ- mirrors this growth pattern. The move from ual is self employed and registering for sole trader to partnership involves injections class 2 national insurance contributions of further capital, move into new markets or within three months of starting in business. market niches. The switch from partnership Low cost – no legal formalities mean there to private limited company expands the num- is little administrative costs to setting up ber of manager / owners, moves and rear- as a sole trader. -
Partnership Agreement Example
Partnership Agreement Example THIS PARTNERSHIP AGREEMENT is made this __________ day of ___________, 20__, by and between the following individuals: Address: __________________________ ___________________________ City/State/ZIP:______________________ Address: __________________________ ___________________________ City/State/ZIP:______________________ 1. Nature of Business. The partners listed above hereby agree that they shall be considered partners in business for the following purpose: ______________________________________________________________________________ ______________________________________________________________________________ 2. Name. The partnership shall be conducted under the name of ________________ and shall maintain offices at [STREET ADDRESS], [CITY, STATE, ZIP]. 3. Day-To-Day Operation. The partners shall provide their full-time services and best efforts on behalf of the partnership. No partner shall receive a salary for services rendered to the partnership. Each partner shall have equal rights to manage and control the partnership and its business. Should there be differences between the partners concerning ordinary business matters, a decision shall be made by unanimous vote. It is understood that the partners may elect one of the partners to conduct the day-to-day business of the partnership; however, no partner shall be able to bind the partnership by act or contract to any liability exceeding $_________ without the prior written consent of each partner. 4. Capital Contribution. The capital contribution of -
The Effect of Supply Chain Management Strategy on Operational and Financial Performance
sustainability Article The Effect of Supply Chain Management Strategy on Operational and Financial Performance Rok Lee Department of LINC Plus Project Organization, Gyeongsang National University, Jinju 52828, Korea; [email protected]; Tel.: +82-10-6314-4004 Abstract: Given that small and medium manufacturing enterprises (SMEs) are key to national eco- nomic development, the application of supply chain strategies that support their sustainability is critical. This study aims to identify the effects of supply chain management (SCM) on the operational performance of SMEs in Korea, specifically considering organizational competencies. To achieve this, an empirical survey was conducted on 300 Korean manufacturing SMEs that had introduced SCM strategies. The relationships between the variables were analyzed through structural equation modeling. These show that specific SCM strategies and organizational competencies had a significant effect on overall business performance. Furthermore, the SCM strategies had a significant effect on SME organizational competencies. Additionally, we analyzed the mediating effect of organiza- tional competencies on the effect of SCM strategy on overall business performance. We found that organizational competence mediated the effect of SCM strategy on operational performance, but not on financial performance. The study shows that introducing SCM strategies directly improves business performance and is closely related to competencies such as research and development, technology commercialization, production capability, and marketing capabilities. Consequently, a combination of SCM strategies and organizational competencies can generate sustainable overall business performance among SMEs. Citation: Lee, R. The Effect of Supply Chain Management Strategy on Keywords: supply chain management strategy; operational performance; financial performance; Operational and Financial manufacturing firms; Korea Performance. Sustainability 2021, 13, 5138.