Description
Please respond to the following:
Supply Chain Management
Use the Internet to research best practices in supply chain management, determine which best practices can be applied to the greatest number of small businesses. Explain your rationale.
Analyze the principles of Total Quality Management (TQM) and Six Sigma in regard to quality control of a product or service, and make at least one recommendation for improvement. Explain your rationale.
Managing Inventory
Describe a retail business with which you are familiar and determine the most suitable means of inventory control. Provide specific examples to support your response.
For the same business, discuss what innovative steps you could take to deter employee theft and/or shoplifting.
Explanation & Answer
Attached.
Running head: SUPPLY CHAIN MANAGEMENT AND MANAGING INVENTORY
1
Supply Chain Management and Managing Inventory
Institution Affiliation
Date
SUPPLY CHAIN MANAGEMENT AND MANAGING INVENTORY
2
Part 1: Best Practices in Supply Chain Management
Supply Chain Management (SCM) includes all the activities that take place so that the
right products are received by the customers at the right time in all the supply chains. Supply
chain management, therefore, involves proper planning and coordination so that there is an
effective flow of the supplies among companies. Supply chain management optimizes the four
areas of production flow, information flow, and financial flow in order to minimize inventory.
The companies that have managed to maintain high performance in the market have
managed to do so by integrating supply chain best practices. The best practices promote
reliability between the leader-companies and their customers (Blanchard, 2010). This enables the
firms to maintain a competitive advantage. One of the best supply chain practices is improving
supplier performance where alliances are established with the key suppliers. Another best
practice is using competitive pricing so as to increase the product and financial flow. The other
best practice is engaging in collaborative strategic sourcing where the customers are also
involved in the decision-making process. This collaborative strategic sou...
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