Suppliers
Should a firm attempt to have fewer or more suppliers? What are the advantages and disadvantages of each approach? Your initial post should be 200-250 words.
Guided Response: Respond to at least two of your classmates’ posts in a substantive manner. Some ways could include examples, current events, and/or possible outcomes.
Respond to Lemeshia Spears post
The major advantage of having more suppliers is the fact that it brings about competition between these suppliers. Competition among the suppliers is beneficial to the company seeking supplies because chances are higher of getting better deals, which includes lower prices as the suppliers try to outdo each other (Bohner & Minner 2017). However, having more suppliers has its disadvantages. One of them is the fact that a company with multiple suppliers will buy smaller volumes from different suppliers as compared to buying a considerable supply volume from one supplier. This takes away the economies of scale the company would enjoy if it bought a huge supply volume from one or a few suppliers.
The major advantage of having a single or few suppliers is based on economies of scale. When a company is partnering with one or few suppliers, it gets huge volumes of supplies from these suppliers; therefore, the company can benefit in discounts, tailored service delivery, and the orders from that company are taken seriously by the supplier, on the other hand, has one or few suppliers could be disadvantageous. In case the production chain of the supplier who is being depended on is broken, the company in question could face difficulties trying to find another supplier in a fixed period of time.
Reference
Bohner, C., & Minner, S. (2017). Supplier selection under failure risk, quantity and business volume discounts. Computers & Industrial Engineering, 104, 145-155.
Respond to Peggy Harvey post
Whether it is better for a company to have fewer or more suppliers depends specifically on the individual company and what works best for them. Some benefit from having fewer suppliers and some benefit from having more suppliers. According to our text Operations mangement (2013; sec 5.4) when company’s use many suppliers it allows them to take advantage of the completion among those suppliers depending on which one performs and provides the best. The text also references having only a few suppliers or even one supplier , and how these partnerships encourage closer relationships among the two.
As we know there are always disadvantages to consider when making business choices and interactions. When considering using several suppliers company’s would have to be concerned with not being able to fulfill the requirements needed by so many suppliers. For instance each supplier may have require that they provide a specific amount of services for the company per month. Depending on how business flow is, the company may have difficulties meeting such demands. However the likely disadvantage t.
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SuppliersShould a firm attempt to have fewer or more suppliers .docx
1. Suppliers
Should a firm attempt to have fewer or more suppliers? What
are the advantages and disadvantages of each approach? Your
initial post should be 200-250 words.
Guided Response: Respond to at least two of your classmates’
posts in a substantive manner. Some ways could include
examples, current events, and/or possible outcomes.
Respond to Lemeshia Spears post
The major advantage of having more suppliers is the fact that it
brings about competition between these suppliers. Competition
among the suppliers is beneficial to the company seeking
supplies because chances are higher of getting better deals,
which includes lower prices as the suppliers try to outdo each
other (Bohner & Minner 2017). However, having more suppliers
has its disadvantages. One of them is the fact that a company
with multiple suppliers will buy smaller volumes from different
suppliers as compared to buying a considerable supply volume
from one supplier. This takes away the economies of scale the
company would enjoy if it bought a huge supply volume from
one or a few suppliers.
The major advantage of having a single or few suppliers is
based on economies of scale. When a company is partnering
with one or few suppliers, it gets huge volumes of supplies from
these suppliers; therefore, the company can benefit in discounts,
tailored service delivery, and the orders from that company are
taken seriously by the supplier, on the other hand, has one or
few suppliers could be disadvantageous. In case the production
chain of the supplier who is being depended on is broken, the
company in question could face difficulties trying to find
another supplier in a fixed period of time.
Reference
Bohner, C., & Minner, S. (2017). Supplier selection under
2. failure risk, quantity and business volume discounts. Computers
& Industrial Engineering, 104, 145-155.
Respond to Peggy Harvey post
Whether it is better for a company to have fewer or more
suppliers depends specifically on the individual company and
what works best for them. Some benefit from having fewer
suppliers and some benefit from having more suppliers.
According to our text Operations mangement (2013; sec 5.4)
when company’s use many suppliers it allows them to take
advantage of the completion among those suppliers depending
on which one performs and provides the best. The text also
references having only a few suppliers or even one supplier ,
and how these partnerships encourage closer relationships
among the two.
As we know there are always disadvantages to consider
when making business choices and interactions. When
considering using several suppliers company’s would have to be
concerned with not being able to fulfill the requirements needed
by so many suppliers. For instance each supplier may have
require that they provide a specific amount of services for the
company per month. Depending on how business flow is, the
company may have difficulties meeting such demands. However
the likely disadvantage to using a fewer number of suppliers is
the limits that are placed on the company in reference to their
available options in the event that their suppliers cannot meet
the company demand. Company’s would better benefit for
having back up options for suppliers to ensure that they can
always meet the demand of their consumers.
References:
Vonderembse, M. A., & White, G. P. (2013). Operations
management [Electronic version]. Retrieved from
https://content.ashford.edu/
Forecasting Methods
3. Read Problem 6 in Chapter 6 of your textbook. Calculate and
answer parts a through d. Include all calculations and
spreadsheets in your post. Explain why the moving average
method was used instead of another forecasting method. What
might be another forecasting method that could prove to be just
as useful? Your initial post should be 200-250 words.
Guided Response: Respond to at least two of your classmates’
posts to identify some of their recommended forecasting
methods. Give additional advice and alternative solutions that
might be used as well.
Respond to Peter Sawyer post
Below shows the number of mergers by year that took place in
the Savings and Loan industry from 2001-2011
Year
Mergers
Year
Mergers
2000
46
2006
83
2001
46
2007
123
2002
62
2008
97
2003
45
2009
186
2004
4. 64
2010
225
2005
61
2011
240
The calculation below shows a 5-year moving average that will
forecast the number of mergers in 2012
Ƒ2012 = (123+97+186+225+240)/5 = 174.2
The calculation below determines the forecast for 2005 – 2011.
Ƒ2005 = (64+45+62+46+46)/5 = 52.6
Ƒ2006 = (61+64+45+62+46)/5 = 55.6
Ƒ2007 = (83+61+64+45+62)/5 = 63
Ƒ2008 = (123+83+61+64+45)/5 = 75.2
Ƒ2009 = (97+123+83+61+64)/5 = 85.6
Ƒ2010 = (186+97+123+83+61)/5 = 110
Ƒ2011 = (225+186+97+123+83)/5 = 142.8
Year Actual Forecasted Error Squared
2005 61 52.6 8.4 70.56
2006 83 55.6 27.4 750.76
2007 123 63 60 3,600
2008 97 75.2 21.8 475.24
2009 186 85.6 100.4 10,080.16
2010 225 110 115 13,225
2011 240 142.8 97.2 9,447.84
Total 430.2 37,649.56
MSE = 37,649.56 / 7 = 5,378.51
MAD = 430.2 / 7 = 61.46
5. The below calculation shows a 5-year weighted average that
forecasts the number of mergers for 2012
Ƒ2012 = (.30)240+ (.25)225+ (.20)186+ (.15)97+ (.10)123
= 72+56.25+37.2+14.55+12.3 = 192.3
Below regression analysis was used to forecast the number of
mergers in 2012
Year Coded Value Mergers XY X2 Y2
for Year
2000 1 46 46 1
2,116
2001 2 46 92 4
8,464
2002 3 62 186 9
3,844
2003 4 45 180 16
2,025
2004 5 64 320 25
4,096
2005 6 61 366 36
3,721
2006 7 83 581 49
6,889
2007 8 123 984 64
15,129
2008 9 97 873 81
9,409
2009 10 186 1,860 100
34,596
2010 11 225 2,475 121
50,625
2011 12 240 2,880 144
57,600
6. SUM 78 1,278 10,843
650 198,514
Ƅ = 12(10,843) – 78(1,278) / 12(650) - 782
= 130,116 – 99,684 / 7,800 – 6,084
= 30,432 / 1,716
= 17.73
a = 1,278/12 – 17.73(78)/12
= 106.5 – 115.25
= -8.75
r = 12(10,843) – 78(1,278) / √{12(650)-782}{12(198,514)-
1,2782}
= 130,116-99,684/√{7,800-6,084}{2,382,168-1,633,248}
= 130,116-99,684/√(1,716)(748,920)
= 30,432/√1,285,146,720
= 30,432/35,848.94
= 0.85
The moving average method was used due to the ease of
calculating data from a number of sources. It can take specific
timelines and have a more even and precise prediction on
numbers.
References
Vonderembse, M. A., & White, G. P. (2013). Operations
management [Electronic version]. Retrieved from
https://content.ashford.edu/
Respond Maria Harosullivan post
Explain why the moving average method was used instead of
another forecasting method.
The number of merger data has large peaks and valleys. The
use of moving average method is used to smooth out the most
recent period to project the next time period, Vonderembse, M.
A., & White, G. P. (2013).
What might be another forecasting method that could prove to
7. be just as useful?
According to Vonderembse there are of forecast methods for a
firm to choose. A forecast is a prediction of the future,
Vonderembse, M. A., & White, G. P. (2013). Regression
analysis is another method to forecast both time-service and
cross-sectional data.
The figures below indicate the number of mergers that took plac
e in the savings and loan industry over a 12-year period.
Year
Mergers
Year
Mergers
2000
46
2006
83
2001
46
2007
123
2002
62
2008
97
2003
45
2009
186
2004
64
2010
225
2005
61
2011
240
8. 2012. Calculate a 5-
year moving average to forecast the number of mergers for 2012
.
Moving Average forecasting formula
Ƒ2012 = (123+97+186+225+240)/5 = 174.2
2011.
Use the moving average technique to determine the forecast for
2005 to 2011. Calculate measurement error using MSE and MA
D.
Ƒ2005 = (46+46+62+45+64)/5 = 52.6
Ƒ 2006 = (46+62+45+64+61)/5 = 55.6
Ƒ 2007 = (62+45+64+61+83)/5 = 63.0
Ƒ 2008 = (45+64+61+83+123)/5 = 75.2
Ƒ 2009 = (64+61+83+123+97)/5 = 85.6
Ƒ 2010 = (61+83+123+97+186)/5 = 110.0
Ƒ 2011 = (83+123+97+186+225)/5 = 142.8
Year Moving Average Actual
Error Squared Error
2005
52.6
61
61-52.6=8.4
(8.4)2=70.56
2006
55.6
83
83-55.6=27.4
(27.4)2=750.76
2007
63
123
123-63=60
(60)2=3,600
2008
75.2
15. Units and Constants:
Gas constant
R = 8.3145 J/(mol K)
Avogadro’s constant
NA = 6.022 x 1023 mol-1
Boltzmann’s constant
kB = R/NA
electron charge
e = 1.602 x 10-19 C
Faraday’s constant
F = e NA=96485 C
Dielectric permittivity (vacuum)
�T = 8.854 � 10VWX
YZ [Z
16. ] ^Z
Dielectric constant of water (& aqueous solutions)
(approximately)
�d ≈ 80
1 cal = 4.184 J
1 bar = 1 x 105 Pa
1 atm = 1.013 bar
0°C = 273.15 K
1 L = 10-3 m3
Thermodynamic properties of water
Liquid Density [kg/m3]
H2O (l) at 0°C 999.8
H2O (l) at 20°C 998.2
H2O (l) at 40°C 992.2
H2O (l) at 60°C 983.2
H2O (l) at 80°C 971.8
H2O (l) at 100°C 958.3
Heat capacity ��,� [J/(mol K]
H2O(s) 38.0
H2O (l) at 0°C 76.01
H2O (l) at 20°C 75.38
H2O (l) at 40°C 75.29
H2O (l) at 60°C 75.39
H2O (l) at 80°C 75.61
H2O (l) at 100°C 75.95
H2O (g) 36.5
Molar enthalpy of fusion / melting
Water at 0.0°C ∆wx[�T℃
17. ⊖ = 6007 J/mol
Molar enthalpy of vaporization
Water at 99.6°C ∆|}~���.�℃
⊖ = 40657 J/mol
Standard enthalpies of formation
at 298 K
∆��⊖ [kJ/mol]
H2O(l)
-285.83
H2O(g)
-241.82
CO2(g)
-393.51
C2H4(g)
+52.47
C6H12O6(s) (glucose)
-1274.4
H3COH(l)
-238.57
NH3(g)
-46.11
C5H10N2O3(s)
-826.42
Entropies at 298 K �⊖ [J/(K
mol)]
C(s)(graphite) 5.74
H2(g) 130.79
N2 (g) 191.72
O2 (g) 205.25
H2O(l) 69.91
H2O(g) 188.93
CO2(g) 213.85