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Essay / Research Paper Abstract
This 5 page paper discusses a journal article of this title by Brad Ferguson. The writer discusses what supply chain management is, the advantages and disadvantages and comments on whether this process would have any effect on any major economic theories and finally, why companies need to consider adopting this model. Bibliography lists 1 source.
Page Count:
5 pages (~225 words per page)
File: MM12_PGscm9.rtf
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Unformatted sample text from the term paper:
or levels that are included in the process. In other words, it is involved with suppliers to the suppliers a company uses. As an example, a product may begin with
a raw product, such as some kind of metal. The bottom level supplier provides the raw material. The next level supplier may modify, add to or in some other way
change the raw product. This is then provided to the next higher supplier until it reaches the configuration that the purchasing company needs and wants. The company that provides this
material to the manufacturer is the Tier 1 supplier. Ferguson (2000) explains that supply chain management is a collaborative-based strategy that links the different enterprises involved in the operation
of supplying what the company needs and wants. It spans the levels from the raw material to consumer purchase (Ferguson, 2000). This is a far more comprehensive and complete process
than simply procurement. With a comprehensive supply chain management process, everyone along the line is aware of and is working towards the vision of the finished product and its sale
to the user. Ferguson (2000) reports that when supply chain management is used, a company will realize "a 45% supply chain cost advantage over competitors" (p. 64). One study found
that companies that had implemented such a process "had an order-cycle and an inventory days of supply that were 50 percent lower than their competition" (Ferguson, 2000, p. 64). And,
these companies were able to meet their delivery deadlines much faster than their competitors (Ferguson, 2000). Supply chain management is not something that a company can just do on the
fly. A company must begin the process by knowing what a supply chain looks like (Ferguson, 2000). A graph is a good way to envision the chain because it reflects
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