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Study on Logistics & Supply Chain Management

   

Added on  2020-05-08

9 Pages1968 Words55 Views
Logistics and Supply chain management

ContentsSection 1 – Short Answers...............................................................................................................2Answer 1......................................................................................................................................2Answer 2......................................................................................................................................3Answer 3......................................................................................................................................3Answer 4......................................................................................................................................4Section 2- Long Answers.................................................................................................................5Case Study 1.................................................................................................................................5Case Study 2.................................................................................................................................6References........................................................................................................................................8

Section 1 – Short AnswersAnswer 1a.Forecasting is essential to improve logistics and supply chain management (SCM) as the risk related with exposure to supplier’s operations and expanded logistics is increased with the increase in dependency on suppliers. Therefore, these risks are measured and controlled with the use of forecasting. SCM can be improved through recognizing factors which can impact the costs and put limitations on capacity. Proper forecasting helps to estimate the demand such that both the extreme conditions of high inventory and shortageof inventory can be eliminated. Moreover, technological advancement, change in marketsand upcoming products can be interpreted on time. For example, proper demand forecasting will allow to determine that sufficient number of personnel is available to prepare and ship the material on time so that problems does not arise at the end. (Taylor,1997).b.The three main types of forecasts used within the context of the supply chain are as follows-Demand forecasts – Demand forecast can be considered as an estimate regarding the demand of the organization’s products and services.Supply forecasts – Supply forecasts seeks to measure the risk that an organization may face as the supply might get affected by a variety of factors including the numberof existing producers and suppliers along with the technological and political trends.Price forecasts – Price forecasts helps to determine the trend in the short and long term prices of the materials and services such that large quantities can be ordered before the price shoots up (Arlbjorn, 2010).c.Forecasting ability can be easily improved by a business when following points are kept in consideration- Not all forecasting questions are worth equal consideration.

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