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Your options could be donating funds, providing needed material, or the more complex task of providing logistics personnel in direct support of the disaster relief effort.</p>\n<p>Donating funds is relatively easy, as there are many international relief organizations (including United Nation agencies) that set up accounts for a specific disaster relief operation. Donating cash is usually preferred by those running the disaster relief operation, as it enables them to procure exactly what is needed at each phase of the operation, often using local vendors to help stimulate the affect country&#8217;s economy at a time it is needed the most.</p>\n<p>Donating material becomes more complicated. First, a relief organization that has been identified as part of the specific disaster relief effort must approve the material you wish to donate. You are then usually responsible for the procurement and shipment of the goods into the affected country, to include being able to manage all customs tariffs, fees, and other cross-border requirements.</p>\n<p>You also have to provide documentation — to both the affected country government and the receiving aid organization — of having met applicable quality assurance requirements.</p>\n<p>Providing H&amp;DR logistics services in the affected country is a third option — but one that cannot be undertaken without a significant amount of preparation and corporate commitment.</p>\n<p>A major challenge during international relief efforts can be workers who lack training, have little experience in operating in the extreme weather and other severe conditions that are often present, or lack the necessary cultural sensitivity. Specific protocols and procedures must be in place, connecting your personnel to the international response community, before attempting this type of commitment.</p>\n<p>The United Nations and its many agencies has recognized the value that businesses of all sizes can bring to international relief efforts. 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ISO standards are the most recognized quality standards — after all, the organization&#8217;s members consist of the national standards organizations of 150 countries. Follow these ISO quality standards, which provide a common language for companies to trade across the globe:</p>\n<ol class=\"level-one\">\n<li>\n<p class=\"first-para\">Get commitment from top management to ensure success.</p>\n</li>\n<li>\n<p class=\"first-para\">Train all employees on the basics of quality.</p>\n</li>\n<li>\n<p class=\"first-para\">Prepare your quality policy manual.</p>\n</li>\n<li>\n<p class=\"first-para\">Document operating procedures.</p>\n</li>\n<li>\n<p class=\"first-para\">Perform an internal audit.</p>\n</li>\n<li>\n<p class=\"first-para\">Select an ISO certification agency to use.</p>\n</li>\n<li>\n<p class=\"first-para\">Have the certification agency perform the audit.</p>\n</li>\n<li>\n<p class=\"first-para\">If you pass the audit, congratulations!</p>\n</li>\n<li>\n<p class=\"first-para\">If you don&#8217;t pass the audit, take necessary corrective action and repeat the audit.</p>\n</li>\n</ol>\n"},{"title":"How to introduce quality control to your organization","thumb":null,"image":null,"content":"<p>Introducing a quality control program into your organization requires careful planning and precise execution. Like any other major new program you introduce, thorough planning and attention to detail will greatly increase the odds of success. Just follow these steps:</p>\n<ol class=\"level-one\">\n<li>\n<p class=\"first-para\">Create a roadmap to guide your organization to its quality goals.</p>\n</li>\n<li>\n<p class=\"first-para\">Prepare everyone for the changes to come.</p>\n</li>\n<li>\n<p class=\"first-para\">Obtain a sponsor to be the organization&#8217;s champion of quality.</p>\n</li>\n<li>\n<p class=\"first-para\">Select a quality control manager.</p>\n</li>\n<li>\n<p class=\"first-para\">Create an effective communications program.</p>\n</li>\n<li>\n<p class=\"first-para\">Provide employee training on quality control.</p>\n</li>\n<li>\n<p class=\"first-para\">Select a pilot project.</p>\n</li>\n<li>\n<p class=\"first-para\">Perform the pilot, prove its value, and apply the lessons learned.</p>\n</li>\n</ol>\n"},{"title":"Implementing quality control standards: How to overcome organizational reluctance","thumb":null,"image":null,"content":"<p>Many people in the organization will see the introduction of a quality control process as an unwelcome change. Overcoming reluctance to a new quality control process calls for clear and consistent communication, and a constant eye on the &#8220;big picture.&#8221; Here are some tips on how to rally the support of the willing, ease the fears of the reluctant, and overcome the obstacles put up by the unwilling.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Monitor and manage the risks as your project progresses.</p>\n</li>\n<li>\n<p class=\"first-para\">Believe in your goal, and focus on the benefits that quality will bring to your organization.</p>\n</li>\n<li>\n<p class=\"first-para\">Don&#8217;t go it alone; find support from the quality sponsor or other experts in your organization.</p>\n</li>\n<li>\n<p class=\"first-para\">Remain rational when you face challenges.</p>\n</li>\n<li>\n<p class=\"first-para\">Keep everything in perspective.</p>\n</li>\n<li>\n<p class=\"first-para\">Break down any obstacles into manageable pieces.</p>\n</li>\n</ul>\n"},{"title":"How to get your quality control project back on track","thumb":null,"image":null,"content":"<p>Of course you expect your quality-control project to succeed, but things rarely go as smoothly as planned. Even the best-laid plans sometimes run into problems. Be ready for trouble and use the following tips to get your quality project back on track.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Review your goals and focus on what&#8217;s really important.</p>\n</li>\n<li>\n<p class=\"first-para\">Evaluate where your project stands — look at what you&#8217;ve achieved and where the project truly has problems.</p>\n</li>\n<li>\n<p class=\"first-para\">Get professional help from an outside expert.</p>\n</li>\n<li>\n<p class=\"first-para\">Learn from your mistakes by preventing them in the future.</p>\n</li>\n<li>\n<p class=\"first-para\">Determine your minimum acceptable goals; you may have to scale back the project.</p>\n</li>\n</ul>\n"},{"title":"How to improve quality control through customer feedback","thumb":null,"image":null,"content":"<p>Customer feedback is one of the most important resources for improving an organization&#8217;s quality control. If you&#8217;re serious about quality control, you can&#8217;t assume that you know what the customer wants, and you can&#8217;t wait for them to tell you. Actively seeking customer input ensures that you know exactly what the customer wants, which is the only way to keep your organization in business.</p>\n<p class=\"Tip\">Your organization exists to provide for the needs of your customers. Use these tips to devise a feedback survey that reveals your customers&#8217; needs:</p>\n<ol class=\"level-one\">\n<li>\n<p class=\"first-para\">Define your objectives; know what you hope to accomplish before you begin.</p>\n</li>\n<li>\n<p class=\"first-para\">Think about how you&#8217;ll analyze the data you gather; consider your objectives as well as time and budget restraints.</p>\n</li>\n<li>\n<p class=\"first-para\">Use good questions that fit within your objectives and data-analysis method.</p>\n</li>\n<li>\n<p class=\"first-para\">Keep the data-collection process simple to minimize errors.</p>\n</li>\n<li>\n<p class=\"first-para\">Use an unrelated party to collect data to prevent bias.</p>\n</li>\n<li>\n<p class=\"first-para\">Train your data collectors to ensure consistency and accuracy.</p>\n</li>\n<li>\n<p class=\"first-para\">Perform a trial run to work out any bugs in the collection process.</p>\n</li>\n<li>\n<p class=\"first-para\">Make any modifications necessary and gather more information from a larger customer population.</p>\n</li>\n</ol>\n"},{"title":"How to measure your current quality control process","thumb":null,"image":null,"content":"<p>Careful measurement is key to managing your quality control processes. Use the following steps to ensure that you measure the right quality-control factors in the right way.</p>\n<ol class=\"level-one\">\n<li>\n<p class=\"first-para\">Determine what to measure (the items or processes you decide to measure are called <i>metrics</i>).</p>\n</li>\n<li>\n<p class=\"first-para\">Determine your measurement process by selecting the best process for your needs.</p>\n</li>\n<li>\n<p class=\"first-para\">Define exactly how you’ll use the selected measurement process.</p>\n</li>\n<li>\n<p class=\"first-para\">Train your employees on the proper measurement process.</p>\n</li>\n<li>\n<p class=\"first-para\">Perform gauge repeatability and reproducibility (R&amp;R) tests to determine measurement variation.</p>\n</li>\n<li>\n<p class=\"first-para\">Perform the measurements and compare to customer specifications.</p>\n</li>\n<li>\n<p class=\"first-para\">Confirm the quality of your data with compare-and-review checks and the help of a computer.</p>\n</li>\n<li>\n<p class=\"first-para\">Make sense of your data with coding and different data charts.</p>\n</li>\n</ol>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-04-12T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":209245},{"headers":{"creationTime":"2022-04-11T20:38:07+00:00","modifiedTime":"2022-04-11T20:45:00+00:00","timestamp":"2022-06-22T19:37:35+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"Supplier Diversity For Dummies Cheat Sheet","strippedTitle":"supplier diversity for dummies cheat sheet","slug":"supplier-diversity-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Learn the basics of supplier diversity management, including what makes it work and how to gauge an organizatin's readiness.","noIndex":0,"noFollow":0},"content":"Although the term <em>supplier diversity</em> has been around for half a century, aspects of it still mystify organizations and rout the best intentions. Being expected to know everything can be daunting. This Cheat Sheet provides a quick reference to help you understand some key supplier diversity considerations.","description":"Although the term <em>supplier diversity</em> has been around for half a century, aspects of it still mystify organizations and rout the best intentions. Being expected to know everything can be daunting. This Cheat Sheet provides a quick reference to help you understand some key supplier diversity considerations.","blurb":"","authors":[{"authorId":34751,"name":"Kathey Porter","slug":"kathey-porter","description":"Kathey Porter is a nationally recognized, small-business strategist and award-winning supplier diversity expert. A sought-after subject matter expert, Kathey is a frequent keynote speaker, panelist and workshop facilitator at conferences and events focusing on supplier diversity, small business development/entrepreneurship, women's entrepreneurship and empowerment and diversity and inclusion. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34751"}}],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":277402,"title":"Supply Chain Career Categories","slug":"supply-chain-career-categories","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277402"}},{"articleId":277394,"title":"Supply Chain Analytics: Correlation, Causation, and Interpolation","slug":"supply-chain-analytics-correlation-causation-and-interpolation","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277394"}},{"articleId":277388,"title":"Supply Chain Management: Planning and Scheduling Production","slug":"supply-chain-management-planning-and-scheduling-production","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277388"}},{"articleId":277383,"title":"How Supply Chain Processes Evolve","slug":"how-supply-chain-processes-evolve","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277383"}},{"articleId":277378,"title":"Supply Chain Management: Managing Warehousing and Inventory","slug":"supply-chain-management-managing-warehousing-and-inventory","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277378"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":291703,"slug":"supplier-diversity-for-dummies","isbn":"9781119843016","categoryList":["business-careers-money","business","operations"],"amazon":{"default":"https://www.amazon.com/gp/product/1119843014/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119843014/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119843014-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119843014/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119843014/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/9781119843016-203x255.jpg","width":203,"height":255},"title":"Supplier Diversity For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><b data-author-id=\"34751\">Kathey Porter</b> is a nationally recognized, small-business strategist and award-winning supplier diversity expert. A sought-after subject matter expert, Kathey is a frequent keynote speaker, panelist and workshop facilitator at conferences and events focusing on supplier diversity, small business development/entrepreneurship, women's entrepreneurship and empowerment and diversity and inclusion.</p>","authors":[{"authorId":34751,"name":"Kathey Porter","slug":"kathey-porter","description":"Kathey Porter is a nationally recognized, small-business strategist and award-winning supplier diversity expert. A sought-after subject matter expert, Kathey is a frequent keynote speaker, panelist and workshop facilitator at conferences and events focusing on supplier diversity, small business development/entrepreneurship, women's entrepreneurship and empowerment and diversity and inclusion. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34751"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119843016&quot;]}]\" id=\"du-slot-62b36f7f6e198\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119843016&quot;]}]\" id=\"du-slot-62b36f7f6e8b7\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":0,"title":"","slug":null,"categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/"}}],"content":[{"title":"Understanding supplier diversity management","thumb":null,"image":null,"content":"<p>Supplier diversity management (SDM) involves many interconnected functions that are difficult to manage separately and expect worthwhile outcomes. As organizations shift to build programs that are impactful and focus on adding value, they have to ensure these functions are aligned and working together:</p>\n<ul>\n<li><strong>Your internal process:</strong> Everything starts here. This part focuses on all of your internal activities (your in-reach efforts; your programs; and your people, policies, processes, and procedures) and determines the robustness of your program. This is the heart of your supplier diversity efforts.</li>\n<li><strong>Your external process:</strong> This part may be twofold. The first part is external stakeholders who can provide the motivation and push that organizations sometimes need in order to take action. The second is community outreach: actively engaging in the community to scout and recruit businesses to do business with your organization.</li>\n<li><strong>Your supplier development process:</strong> As the name indicates, the focus is on development — proactively creating a pipeline of small and diverse businesses ready to do business with your organization. As organizations become more intentional about supplier diversity and allocate more time and professional resources to their programs, they have to look beyond just spend analytics.</li>\n</ul>\n"},{"title":"Gauging your organization's supplier diversity readiness","thumb":null,"image":null,"content":"<p>Assessing readiness involves understanding organizational change management, or OCM, and the components of change (people and process).</p>\n<p>To determine whether your organization is ready for change, ask yourself the following questions:</p>\n<ul>\n<li>How has the organization historically handled change?</li>\n<li>What do you need to change in order for change to occur and stick?</li>\n<li>How well does your organization function during change efforts?</li>\n<li>How disruptive will the implementation process be to the organization? Are you committed for the long haul?</li>\n<li>What resources do you need? Is your team ready at all levels to implement?</li>\n<li>Does senior leadership back and support change?</li>\n<li>What are your motivations for the change? What is your resistance to it?</li>\n</ul>\n<p>To start the OCM process for supplier diversity, here are four mainstays that are necessary to allow the process of change to occur:</p>\n<ul>\n<li><strong>Communication: </strong>Communication is fundamental for change. People need and want to know what is happening, when it’s happening, why/how they’re doing it, and how it impacts them. Communication provides the awareness and understanding needed for them to commit, engage, and execute the necessary change successfully.\n<p>When the organization sets expectations, uses communication tools, and proactively reduces misinformation, stakeholders are more likely to buy into making change. They will also stay more engaged and committed, which is how long-term organizational transformation occurs. Good communication should be intentional, consistent, and a two-way street.</li>\n<li><strong>Sponsorship:</strong> When change occurs, people turn to leaders for direction and support. Change needs active sponsorship and engagement at the executive level to ensure a successful outcome; a project’s success is directly linked to having an active sponsor who champions the change, mitigates resistance, and builds organizational alliances. A sponsor helps build commitment and authenticity across the organization. Sponsors have ultimate responsibility for projects.</li>\n<li><strong>Stakeholder management:</strong> Stakeholder management involves identifying all stakeholders and getting buy-in (that is, making stakeholders aware of the change and its benefits throughout the process). Actively engaging stakeholders early during the change process directly correlates to the success of the change.</li>\n<li><strong>Preparation:</strong> The primary goal of preparation is to understand need gaps in stakeholders’ skills and provide them opportunities to expand their knowledge and understanding before the change happens. Preparation in whatever form should nurture understanding, acceptance, and commitment and build confidence for all involved in the change.</li>\n</ul>\n"},{"title":"Understanding your four Ps: People, policies, processes, and procedures","thumb":null,"image":null,"content":"<p>The components that make up a supplier diversity system are its people, policies, processes, and procedures, the four Ps. You have to assess and manage each of these to determine your organization’s readiness and ensure the supplier diversity system functions as desired:</p>\n<ul>\n<li><strong>People:</strong> People are arguably the most important part of your system. That starts with the person who leads the effort and their ability to be a champion and advocate for small business while being an effective influencer within the organization.</li>\n<li><strong>Policies:</strong> Your policies are what guide your activities. They are a deliberate system of guidelines to direct decisions and achieve desired outcomes. In short, they give your program its teeth.</li>\n<li><strong>Processes:</strong> By definition, a process provides a high-level perspective of the various tasks required to complete the work. Simply put, your processes are the required tasks that, when combined, turn your inputs (activities) into desired outputs (increased utilization of diverse vendors) and answer the question “How can my business do business with your organization?”</li>\n<li><strong>Procedures:</strong> Your procedures concentrate more on the fulfillment of particular activities identified inside the business process. Many confuse processes and procedures or use them interchangeably.</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-04-11T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":292019},{"headers":{"creationTime":"2016-03-27T16:52:37+00:00","modifiedTime":"2022-03-01T22:02:27+00:00","timestamp":"2022-06-22T19:37:22+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"Import/Export Kit For Dummies Cheat Sheet","strippedTitle":"import/export kit for dummies cheat sheet","slug":"importexport-kit-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Before diving into the exciting world of international trade, make sure you know current import and export agreements and regulations.","noIndex":0,"noFollow":0},"content":"If you're thinking about starting an import/export business, do some research and ask yourself some key questions to see if a career in international trade is right for you. Make sure you're in agreement with the buyer or seller of goods about basic issues regarding your import/export business and stay current on trade rules and regulations in the countries that you're importing from or exporting to.","description":"If you're thinking about starting an import/export business, do some research and ask yourself some key questions to see if a career in international trade is right for you. Make sure you're in agreement with the buyer or seller of goods about basic issues regarding your import/export business and stay current on trade rules and regulations in the countries that you're importing from or exporting to.","blurb":"","authors":[{"authorId":9054,"name":"John J. Capela","slug":"john-j-capela","description":"John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. 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","_links":{"self":"https://dummies-api.dummies.com/v2/authors/35017"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119079675&quot;]}]\" id=\"du-slot-62b36f723cf97\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119079675&quot;]}]\" id=\"du-slot-62b36f723d6d6\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":180519,"title":"Questions to Ask before Starting Your Import/Export Business","slug":"questions-to-ask-before-starting-your-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180519"}},{"articleId":180518,"title":"Buyer and Seller Agreements in Importing and Exporting","slug":"buyer-and-seller-agreements-in-importing-and-exporting","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180518"}},{"articleId":180516,"title":"Legal Dangers in International Trade","slug":"legal-dangers-in-international-trade","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180516"}},{"articleId":180517,"title":"Global Negotiations in the Import/Export Business","slug":"global-negotiations-in-the-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180517"}}],"content":[{"title":"Questions to ask before starting your import/export business","thumb":null,"image":null,"content":"<p>If you&#8217;re considering entering the world of global trade by starting your own import/export business, ask yourself these important questions to see if ready to commit your time and money to the venture:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Why are you thinking of starting a business, and what makes you think you&#8217;ll be successful?</p>\n</li>\n<li>\n<p class=\"first-para\">How much money will you invest and how much will you earn?</p>\n</li>\n<li>\n<p class=\"first-para\">Will you be starting part time or full time?</p>\n</li>\n<li>\n<p class=\"first-para\">Do you plan to import, export, or both?</p>\n</li>\n<li>\n<p class=\"first-para\">Will you work as an agent or a merchant?</p>\n</li>\n<li>\n<p class=\"first-para\">What will be your company name and form of organization?</p>\n</li>\n<li>\n<p class=\"first-para\">Where will your base of operations be? Where will you locate your office?</p>\n</li>\n<li>\n<p class=\"first-para\">What will be your business telephone number, mailing address, and fax number?</p>\n</li>\n<li>\n<p class=\"first-para\">What type of products will you choose to deal in?</p>\n</li>\n<li>\n<p class=\"first-para\">Who will be your suppliers? What companies will you deal with? In what countries?</p>\n</li>\n<li>\n<p class=\"first-para\">Who will be the consumers/users and buyers of your products?</p>\n</li>\n<li>\n<p class=\"first-para\">How will you handle distribution? Set prices? Promote yourself and your products?</p>\n</li>\n<li>\n<p class=\"first-para\">Which method(s) of international payment will you use?</p>\n</li>\n<li>\n<p class=\"first-para\">Which means of international transportation and insurance will you use? Which shipping terms?</p>\n</li>\n<li>\n<p class=\"first-para\">Who will be your bank? Your insurance company? Your Customs broker? Your freight forwarder?</p>\n</li>\n<li>\n<p class=\"first-para\">Which U.S. and foreign government regulations will you be concerned with?</p>\n</li>\n<li>\n<p class=\"first-para\">What sources of information and assistance are available as you begin and as your business grows?</p>\n</li>\n</ul>\n"},{"title":"Buyer and seller agreements in importing and exporting","thumb":null,"image":null,"content":"<p>Whether you&#8217;re importing or exporting goods, business agreements need to exist between the person you&#8217;re buying from or selling to, and the following key points need to be included in those agreements:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>The</b> <b>products:</b> You need to be clear about their exact specifications so that you know what you&#8217;re getting.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Sales targets:</b> This includes things like order quantities and the frequency of shipments.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Territory:</b> In which territory may the distributor sell? Will the distributor have exclusivity there?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Prices: </b>What are the<b> </b>prices of the products and the allowable markups?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Payment terms: </b>Will you use letter of credit, sight draft, open account, 30 days, consignment, and so on?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Shipping terms:</b> Will your terms be free on board (FOB) airport; free alongside ship (FAS); cost and freight (C&amp;F); cost, insurance, and freight (CIF); and so on?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>The level of effort required of the importers:</b> How hard does the importer have to work to sell the products, including minimum order commitments and long-term commitments?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Sales promotion and advertising:</b> Who will do it, who will pay for it, and how much will be invested?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Warranties and service:</b> How will defective or unsold products be handled?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Order lead time and price increases:</b> <i>Lead time</i> is the time required to ship the product to the company purchasing the product. When negotiating with the supplier, you need to be clear on who&#8217;s responsible for any increases in material or transportation from the time the order is placed and the time it&#8217;s actually available for shipment.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Trademarks, copyrights, and patents:</b> Who will register, and in whose name will it be in?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Provision for termination of the agreement:</b> Under what circumstances can the agreement be dissolved?</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Provision for settlement of disputes:</b> If a product is defective or there is a misunderstanding about some aspect of the purchase or sales agreement, what process will be used to resolve disagreements?</p>\n</li>\n</ul>\n"},{"title":"Legal dangers in international trade","thumb":null,"image":null,"content":"<p>Import and export laws differ from one country to the next. Make sure you know the laws regarding international trade wherever you&#8217;re doing import/export business. Watch out for these common legal pitfalls:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Regulations and restrictions:</b> Be aware of how your transactions may be affected by the import/export laws in the United States or in the foreign country involved.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Agents, distributors, and representatives:</b> Know the laws that govern their retention and, equally important, their termination.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Shipping:</b> Avoid misunderstandings over shipping. Shipping arrangements must be written and spelled out in detail.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Dispute resolution:</b> Make sure that any contract designates how and where differences will be resolved.</p>\n</li>\n</ul>\n"},{"title":"Global negotiations in the import/export business","thumb":null,"image":null,"content":"<p>When you&#8217;re in the import/export business, you need to realize that the process of global negotiations differs from culture to culture in many significant ways. You have to take into account communications issues such as language, gestures, facial expressions. And you also have to consider differing negotiating styles and problem-solving techniques.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Language: </b>In spoken and written communication, using the wrong words or incorrect grammar is just one concern. The meaning of the message often depends on the set of circumstances surrounding those words. The danger of misinterpretation of messages requires an understanding of these various contextual factors.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Non-verbal communication:</b> Unspoken language is just as important as words or writings. Differences in customs and cultures can cause misinterpretations. You need to be aware of the meanings of gestures, facial expressions, posture, appearance and dress, conversational distance, touch, and eye contact.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Time influences and the pace of negotiations:</b> Some cultures like the Americans or Germans are very fast-paced and punctual, while there are many other regions (such as Asia and Latin America) where time is not of the essence.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Individualism vs. collectivism: </b>In some societies, people primarily take care of only themselves and their families, while in other societies, the good of the entire group is put ahead of one&#8217;s individual needs. Understanding these belief systems will affect how you negotiate.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Role orderliness and conformity: </b>Some cultures are characterized by a high need for order and conformity. These countries place a great deal of importance on how things are done. Formalities aid in successful negotiations. On the other hand, negotiators from the United States, Canada, Germany, and Switzerland place more emphasis on content than of procedures.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Uncertainty orientation:</b> This term refers to the degree people are uncomfortable with ambiguity and a reluctance to take risks. People in countries like Spain, Belgium, Argentina, and Japan tend to proceed cautiously following rules, laws, and regulations. On the other hand, people in countries such as the United States tend to feel comfortable in unstructured situations, are more ready accept change, and attempt to have as few rules as possible.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-03-01T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":208407},{"headers":{"creationTime":"2020-08-16T17:07:15+00:00","modifiedTime":"2022-02-22T19:55:29+00:00","timestamp":"2022-06-22T19:37:15+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"FinTech For Dummies Cheat Sheet","strippedTitle":"fintech for dummies cheat sheet","slug":"fintech-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Find out more about FinTech by learning a few basic definitions, core technologies, and the benefits of working with a FinTech provider.","noIndex":0,"noFollow":0},"content":"What is Fintech? A FinTech company is any company that provides financial services, software, or technology to individuals, companies, governments, or financial institutions. If you’re interested in finding out more about FinTech, it helps to know a few basic definitions, understand the benefits of working with a FinTech provider, and get a handle on core technologies.\r\n\r\n[caption id=\"attachment_272563\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-272563\" src=\"https://www.dummies.com/wp-content/uploads/fintech-concept.jpg\" alt=\"FinTech\" width=\"556\" height=\"313\" /> © Wright Studio/Shutterstock.com[/caption]","description":"What is Fintech? A FinTech company is any company that provides financial services, software, or technology to individuals, companies, governments, or financial institutions. If you’re interested in finding out more about FinTech, it helps to know a few basic definitions, understand the benefits of working with a FinTech provider, and get a handle on core technologies.\r\n\r\n[caption id=\"attachment_272563\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-272563\" src=\"https://www.dummies.com/wp-content/uploads/fintech-concept.jpg\" alt=\"FinTech\" width=\"556\" height=\"313\" /> © Wright Studio/Shutterstock.com[/caption]","blurb":"","authors":[],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":273164,"title":"The FinTech Investor 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For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><b><b data-author-id=\"35008\">Steven O'Hanlon</b>,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b>Susanne Chishti</b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p> <p><b>Steven O'Hanlon,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b><b data-author-id=\"34466\">Susanne Chishti</b></b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p> <p><b>Steven O'Hanlon,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b>Susanne Chishti</b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p> <p><b>Steven O'Hanlon,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b>Susanne Chishti</b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p> <p><b><b data-author-id=\"34399\">Brendan Bradley</b></b> is co-author of <i>FinTech For Dummies</i>. He fosters and develops support for new &shy;investment areas, including AI-assisted research for automated modeling and transforming &shy;unstructured financial content in the ESG ecosystem.</p>","authors":[{"authorId":35008,"name":"Steven O'Hanlon","slug":"steven-o'hanlon","description":" <p><b>Steven O'Hanlon,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b>Susanne Chishti</b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p>","_links":{"self":"https://dummies-api.dummies.com/v2/authors/35008"}},{"authorId":34466,"name":"Susanne Chishti","slug":"susanne-chishti","description":" <p><b>Steven O'Hanlon,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b>Susanne Chishti</b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p>","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34466"}},{"authorId":34439,"name":"James Jockle","slug":"james-jockle","description":" <p><b>Steven O'Hanlon,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b>Susanne Chishti</b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p>","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34439"}},{"authorId":34426,"name":"Dawn Patrick","slug":"dawn-patrick","description":" <p><b>Steven O'Hanlon,</b> president and CEO of Numerix, LLC and was 2016's FinTech Person of the Year.</p> <p><b>Susanne Chishti</b> is the CEO of FINTECH Circle, the leading global FinTech community focused on FinTech investments and corporate innovation strategies and courses.</p>","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34426"}},{"authorId":34399,"name":"Brendan Bradley","slug":"brendan-bradley","description":" <p><b>Brendan Bradley</b> is co-author of <i>FinTech For Dummies</i>. He fosters and develops support for new &shy;investment areas, including AI-assisted research for automated modeling and transforming &shy;unstructured financial content in the ESG ecosystem.</p> ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34399"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119427261&quot;]}]\" id=\"du-slot-62b36f6bdee8a\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119427261&quot;]}]\" id=\"du-slot-62b36f6bdf5c6\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":0,"title":"","slug":null,"categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/"}}],"content":[{"title":"Essential FinTech definitions","thumb":null,"image":null,"content":"<p>The following definitions are often associated with the technologies utilized by FinTech firms engaged in the modernization of financial and insurance institutions:</p>\n<ul>\n<li><strong>Agile development:</strong> A fast, iterative development process built on use cases and minimum viable product definitions coordinated through a daily scrum process and close collaboration by cross-department teams.</li>\n<li><strong>Application programming interface (API):</strong> A set of reusable functions, procedures, and other tools encapsulated into a type of development shorthand that permits the coder to call native code without knowing it. Anytime you place an order on Amazon, you’re using an interface driven by an API. The API is a loose compilation of code that is called in a sequenced way to get the book you wanted for a given price by the time, date, and place you’ve determined.</li>\n<li><strong><a href=\"https://dummies-wp-content.dummies.com/software/other-software/ai-dummies-cheat-sheet/\">Artificial intelligence</a> (AI):</strong> Machines programmed to think like humans, to reach conclusions, and to act independently in accordance with those conclusions.</li>\n<li><strong>Cryptocurrency:</strong> A type of internet-based financial exchange using highly encrypted digital assets, generally through blockchain technologies.</li>\n<li><strong>Digital transformation:</strong> Using new technologies to modify data that has been stored in traditional ways to make it more meaningful, easily consumed, consistent, and transparent across whole sectors of an organization. Chat bots that answer support questions are examples of the transformative use of old data.</li>\n<li><strong>Distributed ledger:</strong> Shared data that exists without ownership, controls, or centralization, but that requires consensus around its validation, replication, and synchronization across multiple nodes. For example, Bitcoin transactions are recorded on a distributed ledger.</li>\n<li><strong>Machine learning (ML):</strong> A subset of artificial intelligence; allows systems to automatically identify patterns and learn expected outcomes from historical results and then change the system to improve future results. When Yelp offers you a new restaurant suggestion or Netflix suggests a movie you may like, it’s using machine learning to select these offerings.</li>\n<li><strong>Metadata:</strong> The road map that directs and defines aspects of data; provides insights into the data’s basic structure and the best ways of utilizing it. For example, data like your name, date of birth, time of birth, the hospital you were born in, and the city and state may all be assembled into one view that represents your birth certificate. That same structure can be used for any number of other individuals.</li>\n</ul>\n"},{"title":"The advantages of using a FinTech provider","thumb":null,"image":null,"content":"<p>FinTech providers assist financial and insurance institutions in identifying and remedying problem areas or determining future opportunities for growth. They do so because they have a broader reach into the whole industry. This FinTech reach exists because they</p>\n<ul>\n<li>Work with many customers throughout the industry, and see the same problems repeatedly.</li>\n<li>Are focused on an organization’s operations and infrastructure.</li>\n<li>Can often make hard decisions that are too political for internal staff to view objectively.</li>\n<li>Take a holistic approach to solving a client company’s technology problems.</li>\n<li>Can be 100 percent customer-focused and value-led.</li>\n</ul>\n"},{"title":"Core FinTech technologies","thumb":null,"image":null,"content":"<p>The following tools are utilized by FinTech firms engaged in the modernization, invigoration, or replacement of legacy systems within financial and insurance institutions:</p>\n<ul>\n<li><strong>Microservices:</strong> A software development architecture of loosely coupled services expressed as an application.</li>\n<li><strong>Application programming interface (API) strategies:</strong> The strategies used to make APIs readily available and consumable by both internal and external users.</li>\n<li><strong>Real-time delivery:</strong> Data delivered immediately as it is received and processed.</li>\n<li><strong>Data management:</strong> The process around acquiring, validating, cleansing, managing, and storing data for real-time or future use.</li>\n<li><strong>Distributed ledger technologies:</strong> Shared data where there is no ownership, controls, or centralization of that data, but there is consensus around the validation, replication, and synchronization of that data across multiple nodes.</li>\n<li><strong>Cloud/web-based delivery systems:</strong> Applications, infrastructure, services, or platforms delivered on the cloud or internet.</li>\n<li><strong>Open source development:</strong> Publicly available code or applications that aren’t owned by anyone but can be modified by all.</li>\n<li><strong>Artificial intelligence (AI) and machine learning (ML):</strong> The structured approach conducted by machines programmed to think like humans and to reach conclusions and act independently in accordance with those conclusions. ML is a subset of AI; machine learning is the first stage of independent self-assessment conducted by a computer. ML is coded to allow systems to automatically identify patterns and learn expected outcomes from historical results and then change the system to improve future results.</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2022-02-22T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":272562},{"headers":{"creationTime":"2017-11-08T03:28:52+00:00","modifiedTime":"2022-02-18T19:39:00+00:00","timestamp":"2022-06-22T19:37:14+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"Supply Chain Management for Dummies Cheat Sheet","strippedTitle":"supply chain management for dummies cheat sheet","slug":"supply-chain-management-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Learn about supply chain management, which involves coordinating all the work that is required to profitably deliver a product or service to your customer.","noIndex":0,"noFollow":0},"content":"A supply chain is a complex system made up of people, processes, and technologies that deliver value to a customer. Supply chains connect the functional departments within a company, and they connect every company to its customers and suppliers. <a href=\"https://www.dummies.com/business/management/managing-your-supply-chain-in-difficult-times/\" target=\"_blank\" rel=\"noopener\">Supply chain management</a> involves coordinating all the work that is required to profitably deliver a product or service to your customer.\r\n\r\n[caption id=\"attachment_274611\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-274611\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-management.jpg\" alt=\"supply chain management\" width=\"556\" height=\"556\" /> © Mascha Tace / Shutterstock.com[/caption]","description":"A supply chain is a complex system made up of people, processes, and technologies that deliver value to a customer. Supply chains connect the functional departments within a company, and they connect every company to its customers and suppliers. <a href=\"https://www.dummies.com/business/management/managing-your-supply-chain-in-difficult-times/\" target=\"_blank\" rel=\"noopener\">Supply chain management</a> involves coordinating all the work that is required to profitably deliver a product or service to your customer.\r\n\r\n[caption id=\"attachment_274611\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-274611\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-management.jpg\" alt=\"supply chain management\" width=\"556\" height=\"556\" /> © Mascha Tace / Shutterstock.com[/caption]","blurb":"","authors":[{"authorId":11248,"name":"Daniel Stanton","slug":"daniel-stanton","description":" <p><b>Daniel Stanton</b> is known as &#34;Mr. Supply Chain.&#34; His books are used by students and professionals around the world, and his courses on LinkedIn Learning have been viewed more than 1 million times. 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He holds numerous industry certifications, including Certified Supply Chain Professional &#40;CSCP&#41; and SCPro.</p>","authors":[{"authorId":11248,"name":"Daniel Stanton","slug":"daniel-stanton","description":" <p><b>Daniel Stanton</b> is known as &#34;Mr. Supply Chain.&#34; His books are used by students and professionals around the world, and his courses on LinkedIn Learning have been viewed more than 1 million times. He holds numerous industry certifications, including Certified Supply Chain Professional &#40;CSCP&#41; and SCPro. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/11248"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119677017&quot;]}]\" id=\"du-slot-62b36f6ac7243\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119677017&quot;]}]\" id=\"du-slot-62b36f6ac79b5\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":246389,"title":"5 Functions of Supply Chain Management","slug":"5-functions-supply-chain-management","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/246389"}}],"content":[{"title":"5 Functions of supply chain management","thumb":null,"image":null,"content":"<p>Supply chain management involves five main functions: aligning flows, integrating functions, coordinating processes, designing complex systems, and managing resources.</p>\n<ul>\n<li><strong>Aligning flows:</strong> As money, materials, and information are passed between customers and suppliers, supply chain management keeps them flowing up and down a supply chain.</li>\n<li><strong>Integrating functions:</strong> Supply chain management connects the activities of logistics, purchasing, and operations to ensure they focus on goals that benefit overall performance.</li>\n<li><strong>Coordinating processes:</strong> Supply chain management increases profitability by aligning the processes used to plan, source, make, deliver, and (when necessary) return a company&#8217;s products and services.</li>\n<li><strong>Designing complex systems:</strong> Simulation tools can predict how a supply chain will behave and show how small changes can cause major disruptions in the flow of materials.</li>\n<li><strong>Managing resources:</strong> Supply chain managers are responsible for using people, processes, and technology to meet the needs of customers.</li>\n</ul>\n"},{"title":"6 tasks of supply chain project leaders","thumb":null,"image":null,"content":"<p>Supply chain managers must know how to lead projects effectively, because doing so helps them lower costs, improve customer service, and reduce environmental effects. The DIRECT framework spells out the six tasks of a supply chain project leader:</p>\n<ul>\n<li><strong>D (Define the opportunity):</strong> The project team needs a clear goal.</li>\n<li><strong>I (Investigate the options):</strong> The project team needs to look at all of their alternatives for meeting the goal before they decide which ones to pursue.</li>\n<li><strong>R (Resolve to a course of action):</strong> The project team needs to make a decision and create a plan.</li>\n<li><strong>E (Execute the plan):</strong> The project team needs to track progress and manage risks.</li>\n<li><strong>C (Change the system):</strong> The project team needs to consider how the project will affect other parts of the supply chain.</li>\n<li><strong>T (Transition the people):</strong> The project team needs to consider how the change will affect people and make sure that those people are prepared.</li>\n</ul>\n"},{"title":"The supply chain operations reference model","thumb":null,"image":null,"content":"<p>The <a href=\"http://www.apics.org/apics-for-business/products-and-services/apics-scc-frameworks/scor\" target=\"_blank\" rel=\"noopener\">Supply Chain Operations Reference (SCOR)</a> is a process framework maintained by the <a href=\"http://www.apics.org/apics-for-business/products-and-services/apics-scc-frameworks/scor\" target=\"_blank\" rel=\"noopener\">APICS Supply Chain Council</a>. SCOR focuses on manufacturing supply chains but has been adapted for retail and service supply chains too.</p>\n<p>SCOR organizes all of the processes in a supply chain into six groups:</p>\n<ul>\n<li><strong>Plan:</strong> Decide what to make, when to make it, and where to make it.</li>\n<li><strong>Source:</strong> Buy the things that you need to make your products.</li>\n<li><strong>Make:</strong> Manufacture your products.</li>\n<li><strong>Deliver:</strong> Sell your products and get them to your customers.</li>\n<li><strong>Return:</strong> Take products back when they&#8217;re defective or need to be recycled.</li>\n<li><strong>Enable:</strong> Do everything else that is important for making a supply chain work but that doesn&#8217;t fit into one of the other groups.</li>\n</ul>\n<p>The SCOR model defines the five key performance attributes of a supply chain:</p>\n<ul>\n<li><strong>Reliability:</strong> Whether the supply chain can fill customer orders.</li>\n<li><strong>Responsiveness:</strong> How long it takes to fill orders.</li>\n<li><strong>Agility:</strong> How well the supply chain responds to changes.</li>\n<li><strong>Costs:</strong> How much it costs to operate the supply chain.</li>\n<li><strong>Asset management efficiency:</strong> How well the supply chain uses the assets it has.</li>\n</ul>\n<p>Each attribute includes metrics that allow you to benchmark supply chain performance and track improvements over time.</p>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-02-18T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":246398},{"headers":{"creationTime":"2016-03-27T16:49:06+00:00","modifiedTime":"2022-02-17T21:53:19+00:00","timestamp":"2022-06-22T19:37:14+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"Operations Management For Dummies Cheat Sheet","strippedTitle":"operations management for dummies cheat sheet","slug":"operations-management-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"It's all about the process. Learn how to develop and execute efficient and effective processes with operations management.","noIndex":0,"noFollow":0},"content":"In business, <i>o</i><i>perations m</i><i>anagement</i> is the development, execution, and maintenance of effective processes — whether used continuously for the production and delivery of goods or services or for the one-time execution of a major project. Some mathematical formulas come in handy to keep business operations running as smoothly as possible, from managing inventory to estimating the time and cost of a special project.","description":"In business, <i>o</i><i>perations m</i><i>anagement</i> is the development, execution, and maintenance of effective processes — whether used continuously for the production and delivery of goods or services or for the one-time execution of a major project. Some mathematical formulas come in handy to keep business operations running as smoothly as possible, from managing inventory to estimating the time and cost of a special project.","blurb":"","authors":[{"authorId":9617,"name":"Mary Ann Anderson","slug":"mary-ann-anderson","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9617"}},{"authorId":9618,"name":"MSE","slug":"mse","description":"","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9618"}},{"authorId":9619,"name":"Edward J. Anderson","slug":"edward-j-anderson","description":"Edward Anderson is an associate professor of operations management at the University of Texas McCombs School of Business. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9619"}},{"authorId":9620,"name":"Geoffrey Parker","slug":"geoffrey-parker","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. 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Evolve","slug":"how-supply-chain-processes-evolve","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277383"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282431,"slug":"operations-management-for-dummies","isbn":"9781119843108","categoryList":["business-careers-money","business","operations"],"amazon":{"default":"https://www.amazon.com/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119843103-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/operations-management-for-dummies-2nd-edition-cover-9781119843108-203x255.jpg","width":203,"height":255},"title":"Operations Management For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"9617\">Mary Ann Anderson</b></b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b><b data-author-id=\"9620\">Geoffrey Parker</b>, PhD,</b> is Professor of Engineering at Dartmouth College.</p>","authors":[{"authorId":9617,"name":"Mary Ann Anderson","slug":"mary-ann-anderson","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9617"}},{"authorId":34959,"name":"Edward J. Anderson","slug":"edward-j.-anderson","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34959"}},{"authorId":9620,"name":"Geoffrey Parker","slug":"geoffrey-parker","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9620"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119843108&quot;]}]\" id=\"du-slot-62b36f6a339d3\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119843108&quot;]}]\" id=\"du-slot-62b36f6a34156\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":164202,"title":"Inventory-Management Formulas for Improving Business Operations","slug":"inventory-management-formulas-for-improving-business-operations","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/164202"}},{"articleId":164203,"title":"Business Operations: Formulas for Project Management","slug":"business-operations-formulas-for-project-management","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/164203"}}],"content":[{"title":"Inventory-Management formulas for improving business operations","thumb":null,"image":null,"content":"<p>Managing inventory is an important way for a business to manage variations in demand. Inventory can provide a means to manage demand fluctuation so that process capacity and resource utilization are kept steady and used most efficiently.</p>\n<p>Of course, maintaining an inventory isn&#8217;t cost-free or risk-free, because inventory represents tied-up cash and storage costs and comes with the risk that the inventory will spoil or become obsolete. In the case of bank or restaurant customers, if they have to wait in a line too long, the risk is a lost customer.</p>\n<p>Following, are some formulas for the three most common inventory policies that companies use to try to minimize their risk:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Newsvendor inventory policy</p>\n</li>\n<li>\n<p class=\"first-para\">Continuous review inventory policy</p>\n</li>\n<li>\n<p class=\"first-para\">Periodic review inventory policy</p>\n</li>\n</ul>\n<h2>Newsvendor inventory policy</h2>\n<p>The <em>newsvendor policy</em> is often also called <em>single period inventory management.</em> As the name implies, the business has one shot to purchase the inventory that it believes it will need to meet customer demand. This policy is typically used for seasonal items, such as swimsuits and snowblowers.</p>\n<p>Let <em>μ </em>= expected demand, <em>σ </em>= standard deviation of demand, <em>Q</em> = an order quantity, <em>ES</em> = expected sales, <em>ELS</em> = expected lost sales, <em>ELI</em> = expected leftover inventory, <img loading=\"lazy\" class=\"alignnone size-full wp-image-288663\" src=\"https://www.dummies.com/wp-content/uploads/eq00001.png\" alt=\"Cost of Understocking\" width=\"19\" height=\"19\" />= the cost of understocking one item, and <img loading=\"lazy\" class=\"alignnone size-full wp-image-288664\" src=\"https://www.dummies.com/wp-content/uploads/eq00002.png\" alt=\"Cost of Overstocking\" width=\"19\" height=\"19\" /> = the cost of overstocking one item.</p>\n<p>Newsvendor optimal order quantity is <em>Q</em> such that:</p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-288665 size-full\" src=\"https://www.dummies.com/wp-content/uploads/eq00003.png\" alt=\"Content Management 01\" width=\"822\" height=\"205\" /></p>\n<h2>Continuous review inventory policy</h2>\n<p>In a <em>continuous review </em><em>inventory </em><em>policy</em><em>,</em> you continually monitor your inventory and order a fixed quantity every time your inventory level reaches a preset quantity. The fixed quantity is often called the <em>economic order quantity</em> (EOQ) because it&#8217;s the quantity that minimizes your total inventory costs. You place an order for the EOQ whenever your inventory level reaches the set <em>reorder point</em> (ROP). To calculate the EOQ and ROP, use the following equations.</p>\n<p>Let <em>D</em> = annual demand for the product, <em>S</em> = setup cost to place one order, <em>H</em> = holding cost to keep one item in inventory for a year, <em>SS</em> = safety stock, and <em>z</em> = the z value for the desired service level.</p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-288557\" src=\"https://www.dummies.com/wp-content/uploads/EOQ.png\" alt=\"\" width=\"125\" height=\"50\" /></p>\n<p>ROP = (Average Demand * Average Delivery Lead Time) + Safety Stock</p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-288560 size-full\" src=\"https://www.dummies.com/wp-content/uploads/SafetyStock01.png\" alt=\"\" width=\"528\" height=\"30\" /></p>\n<h2>Periodic review inventory policy</h2>\n<p>In some cases, it&#8217;s impractical to continuously monitor inventory levels, and a business may choose to periodically monitor. In this policy, the firm sets a certain time <em>(T)</em> to check inventory levels. At this time, the company orders inventory to bring levels up to a target inventory <em>(TI).</em> The company typically sets the <em>T</em> based on its operations and calculates the <em>TI</em> based on this <em>T</em> using the following equation:</p>\n<p>TI = Average Demand * (Average Lead Time + T) + SS<br />\nWhere SS is calculated as:</p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-288559 size-full\" src=\"https://www.dummies.com/wp-content/uploads/SafetyStockOpMan.png\" alt=\"\" width=\"521\" height=\"31\" /></p>\n"},{"title":"Business operations: formulas for project management","thumb":null,"image":null,"content":"<p>The management of one-time projects to install new operations or change existing operations is a major discipline for operations managers. Though based on similar skills used in optimizing ongoing operations, project management focuses on the completion of a discrete project on time, on budget, and in scope, as planned and approved.</p>\n<p>Project managers use the following formulas to estimate the shortest and most likely project completion time, along with expected variation, expected cost, and variation.</p>\n<h2>CPM (critical path method)</h2>\n<p>Let <em>ES</em> = earliest start time, <em>EF</em> = earliest finish time, <em>LS</em> = latest start time, and <em>LF</em> = latest finish time for an activity.</p>\n<p>Slack<sub>activity</sub> = <em>LF</em> – <em>EF</em> = <em>LS</em> – <em>ES</em></p>\n<h2>PERT (program evaluation and review technique)</h2>\n<p>Let <em>a</em> = the optimistic, <em>m</em> = the most likely, and <em>b</em> = the pessimistic estimates for the duration of an activity.</p>\n<p>For PERT, the expected duration of an activity and its variance are:</p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-288666 size-full\" src=\"https://www.dummies.com/wp-content/uploads/eq00008.png\" alt=\"Content Management 02\" width=\"340\" height=\"43\" /></p>\n<p>This formula also works for estimating individual activity costs.</p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-288667 size-full\" src=\"https://www.dummies.com/wp-content/uploads/eq00009.png\" alt=\"Content Management 03\" width=\"774\" height=\"247\" /></p>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2021-09-27T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":207901},{"headers":{"creationTime":"2016-03-26T14:38:14+00:00","modifiedTime":"2021-09-27T15:57:01+00:00","timestamp":"2022-06-22T19:36:49+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"Inventory-Management Formulas for Improving Business Operations","strippedTitle":"inventory-management formulas for improving business operations","slug":"inventory-management-formulas-for-improving-business-operations","canonicalUrl":"","seo":{"metaDescription":"Managing inventory is an important way for a business to manage variations in demand. Inventory can provide a means to manage demand fluctuation so that process","noIndex":0,"noFollow":0},"content":"Managing inventory is an important way for a business to manage variations in demand. Inventory can provide a means to manage demand fluctuation so that process capacity and resource utilization are kept steady and used most efficiently.\r\n\r\nOf course, maintaining an inventory isn't cost-free or risk-free, because inventory represents tied-up cash and storage costs and comes with the risk that the inventory will spoil or become obsolete. In the case of bank or restaurant customers, if they have to wait in a line too long, the risk is a lost customer.\r\n\r\nFollowing are some formulas for the three most common inventory policies that companies use to try to minimize their risk:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Newsvendor inventory policy</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Continuous review inventory policy</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Periodic review inventory policy</p>\r\n</li>\r\n</ul>\r\n<h2 id=\"tab1\" >Newsvendor inventory policy</h2>\r\nThe <em>newsvendor policy</em> is often also called <em>single period inventory management.</em> As the name implies, the business has one shot to purchase the inventory that it believes it will need to meet customer demand. This policy is typically used for seasonal items, such as swimsuits and snowblowers.\r\n\r\nLet <em>μ </em>= expected demand, <em>σ </em>= standard deviation of demand, <em>Q</em> = an order quantity, <em>ES</em> = expected sales, <em>ELS</em> = expected lost sales, <em>ELI</em> = expected leftover inventory, <img class=\"alignnone size-full wp-image-288562\" src=\"https://www.dummies.com/wp-content/uploads/CuUnderstocking.png\" alt=\"\" width=\"31\" height=\"28\" />= the cost of understocking one item, and <img class=\"alignnone size-full wp-image-288561\" src=\"https://www.dummies.com/wp-content/uploads/CoOverstocking.png\" alt=\"\" width=\"23\" height=\"22\" /> = the cost of overstocking one item.\r\n\r\n \r\n\r\nNewsvendor optimal order quantity is <em>Q</em> such that:\r\n\r\n<img class=\"alignnone\" src=\"https://www.dummies.com/wp-content/uploads/383354.image1.png\" alt=\"image1.png\" width=\"585\" height=\"162\" />\r\n<h2 id=\"tab2\" >Continuous review inventory policy</h2>\r\nIn a <em>continuous review </em><em>inventory </em><em>policy</em><em>,</em> you continually monitor your inventory and order a fixed quantity every time your inventory level reaches a preset quantity. The fixed quantity is often called the <em>economic order quantity</em> (EOQ) because it's the quantity that minimizes your total inventory costs. You place an order for the EOQ whenever your inventory level reaches the set <em>reorder point</em> (ROP). To calculate the EOQ and ROP, use the following equations.\r\n\r\nLet <em>D</em> = annual demand for the product, <em>S</em> = setup cost to place one order, <em>H</em> = holding cost to keep one item in inventory for a year, <em>SS</em> = safety stock, and <em>z</em> = the z value for the desired service level.\r\n\r\n<img class=\"alignnone size-full wp-image-288557\" src=\"https://www.dummies.com/wp-content/uploads/EOQ.png\" alt=\"\" width=\"125\" height=\"50\" />\r\n\r\nROP = (Average Demand * Average Delivery Lead Time) + Safety Stock\r\n\r\n<img class=\"alignnone wp-image-288560 size-full\" src=\"https://www.dummies.com/wp-content/uploads/SafetyStock01.png\" alt=\"\" width=\"528\" height=\"30\" />\r\n<h2 id=\"tab3\" >Periodic review inventory policy</h2>\r\nIn some cases, it's impractical to continuously monitor inventory levels, and a business may choose to periodically monitor. In this policy, the firm sets a certain time <em>(T)</em> to check inventory levels. At this time, the company orders inventory to bring levels up to a target inventory <em>(TI).</em> The company typically sets the <em>T</em> based on its operations and calculates the <em>TI</em> based on this <em>T</em> using the following equation:\r\n\r\nTI = Average Demand * (Average Lead Time + T) + SS\r\nWhere SS is calculated as:\r\n\r\n<img class=\"alignnone wp-image-288559 size-full\" src=\"https://www.dummies.com/wp-content/uploads/SafetyStockOpMan.png\" alt=\"\" width=\"521\" height=\"31\" />","description":"Managing inventory is an important way for a business to manage variations in demand. Inventory can provide a means to manage demand fluctuation so that process capacity and resource utilization are kept steady and used most efficiently.\r\n\r\nOf course, maintaining an inventory isn't cost-free or risk-free, because inventory represents tied-up cash and storage costs and comes with the risk that the inventory will spoil or become obsolete. In the case of bank or restaurant customers, if they have to wait in a line too long, the risk is a lost customer.\r\n\r\nFollowing are some formulas for the three most common inventory policies that companies use to try to minimize their risk:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Newsvendor inventory policy</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Continuous review inventory policy</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Periodic review inventory policy</p>\r\n</li>\r\n</ul>\r\n<h2 id=\"tab1\" >Newsvendor inventory policy</h2>\r\nThe <em>newsvendor policy</em> is often also called <em>single period inventory management.</em> As the name implies, the business has one shot to purchase the inventory that it believes it will need to meet customer demand. This policy is typically used for seasonal items, such as swimsuits and snowblowers.\r\n\r\nLet <em>μ </em>= expected demand, <em>σ </em>= standard deviation of demand, <em>Q</em> = an order quantity, <em>ES</em> = expected sales, <em>ELS</em> = expected lost sales, <em>ELI</em> = expected leftover inventory, <img class=\"alignnone size-full wp-image-288562\" src=\"https://www.dummies.com/wp-content/uploads/CuUnderstocking.png\" alt=\"\" width=\"31\" height=\"28\" />= the cost of understocking one item, and <img class=\"alignnone size-full wp-image-288561\" src=\"https://www.dummies.com/wp-content/uploads/CoOverstocking.png\" alt=\"\" width=\"23\" height=\"22\" /> = the cost of overstocking one item.\r\n\r\n \r\n\r\nNewsvendor optimal order quantity is <em>Q</em> such that:\r\n\r\n<img class=\"alignnone\" src=\"https://www.dummies.com/wp-content/uploads/383354.image1.png\" alt=\"image1.png\" width=\"585\" height=\"162\" />\r\n<h2 id=\"tab2\" >Continuous review inventory policy</h2>\r\nIn a <em>continuous review </em><em>inventory </em><em>policy</em><em>,</em> you continually monitor your inventory and order a fixed quantity every time your inventory level reaches a preset quantity. The fixed quantity is often called the <em>economic order quantity</em> (EOQ) because it's the quantity that minimizes your total inventory costs. You place an order for the EOQ whenever your inventory level reaches the set <em>reorder point</em> (ROP). To calculate the EOQ and ROP, use the following equations.\r\n\r\nLet <em>D</em> = annual demand for the product, <em>S</em> = setup cost to place one order, <em>H</em> = holding cost to keep one item in inventory for a year, <em>SS</em> = safety stock, and <em>z</em> = the z value for the desired service level.\r\n\r\n<img class=\"alignnone size-full wp-image-288557\" src=\"https://www.dummies.com/wp-content/uploads/EOQ.png\" alt=\"\" width=\"125\" height=\"50\" />\r\n\r\nROP = (Average Demand * Average Delivery Lead Time) + Safety Stock\r\n\r\n<img class=\"alignnone wp-image-288560 size-full\" src=\"https://www.dummies.com/wp-content/uploads/SafetyStock01.png\" alt=\"\" width=\"528\" height=\"30\" />\r\n<h2 id=\"tab3\" >Periodic review inventory policy</h2>\r\nIn some cases, it's impractical to continuously monitor inventory levels, and a business may choose to periodically monitor. In this policy, the firm sets a certain time <em>(T)</em> to check inventory levels. At this time, the company orders inventory to bring levels up to a target inventory <em>(TI).</em> The company typically sets the <em>T</em> based on its operations and calculates the <em>TI</em> based on this <em>T</em> using the following equation:\r\n\r\nTI = Average Demand * (Average Lead Time + T) + SS\r\nWhere SS is calculated as:\r\n\r\n<img class=\"alignnone wp-image-288559 size-full\" src=\"https://www.dummies.com/wp-content/uploads/SafetyStockOpMan.png\" alt=\"\" width=\"521\" height=\"31\" />","blurb":"","authors":[{"authorId":9617,"name":"Mary Ann Anderson","slug":"mary-ann-anderson","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9617"}},{"authorId":9618,"name":"MSE","slug":"mse","description":"","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9618"}},{"authorId":9619,"name":"Edward J. Anderson","slug":"edward-j-anderson","description":"Edward Anderson is an associate professor of operations management at the University of Texas McCombs School of Business. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9619"}},{"authorId":9620,"name":"Geoffrey Parker","slug":"geoffrey-parker","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9620"}}],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Newsvendor inventory policy","target":"#tab1"},{"label":"Continuous review inventory policy","target":"#tab2"},{"label":"Periodic review inventory policy","target":"#tab3"}],"relatedArticles":{"fromBook":[{"articleId":207901,"title":"Operations Management For Dummies Cheat Sheet","slug":"operations-management-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/207901"}},{"articleId":164538,"title":"Operations Management: A Sample Project 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Evolve","slug":"how-supply-chain-processes-evolve","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277383"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282431,"slug":"operations-management-for-dummies","isbn":"9781119843108","categoryList":["business-careers-money","business","operations"],"amazon":{"default":"https://www.amazon.com/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119843103-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119843103/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/operations-management-for-dummies-2nd-edition-cover-9781119843108-203x255.jpg","width":203,"height":255},"title":"Operations Management For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"9617\">Mary Ann Anderson</b></b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b><b data-author-id=\"9620\">Geoffrey Parker</b>, PhD,</b> is Professor of Engineering at Dartmouth College.</p>","authors":[{"authorId":9617,"name":"Mary Ann Anderson","slug":"mary-ann-anderson","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9617"}},{"authorId":34959,"name":"Edward J. Anderson","slug":"edward-j.-anderson","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/34959"}},{"authorId":9620,"name":"Geoffrey Parker","slug":"geoffrey-parker","description":" <p><b>Mary Ann Anderson</b> is Director of the Supply Chain Management Center of Excellence at the University of Texas at Austin.</p> <p><b>Edward Anderson, PhD,</b> is Professor of Operations Management at the University of Texas McCombs School of Business. <p><b>Geoffrey Parker, PhD,</b> is Professor of Engineering at Dartmouth College. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/9620"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119843108&quot;]}]\" id=\"du-slot-62b36f516c10e\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119843108&quot;]}]\" id=\"du-slot-62b36f516c8e2\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2021-09-27T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":164202},{"headers":{"creationTime":"2021-02-04T23:08:10+00:00","modifiedTime":"2021-03-25T18:35:33+00:00","timestamp":"2022-06-22T19:36:14+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"Supply Chain Career Categories","strippedTitle":"supply chain career categories","slug":"supply-chain-career-categories","canonicalUrl":"","seo":{"metaDescription":"Explore the 10 job categories directly related to planning, sourcing, making, delivering, returning, and enabling in a supply chain.","noIndex":0,"noFollow":0},"content":"Supply chain careers and job titles can be confusing, because supply chain management is a relatively new field. (The term <em>supply chain</em> has been around only since the 1980s.) Many <a href=\"https://www.dummies.com/business/management/supply-chain-management-dummies-cheat-sheet/\">supply chain jobs</a> are evolving so quickly that the government agencies that track employment data have a hard time keeping up. Staying up to date with new job titles is a little bit easier for companies because they can change job titles fairly easily, without a lot of red tape.\r\n\r\nWhen a new job is created, each company tries to come up with an appropriate title. The result is that different companies may call the same job by different names, and because so many job titles are used for the same job, matching job titles with employment categories can be difficult. Drones are rapidly making their way into the supply chain scene, for example, so demand for drone operators is growing. Being a drone operator requires training and licensure, but this job has many titles, such as unmanned aircraft system operator, unmanned vehicle pilot, and commercial drone pilot. So, even if you know what kind of job you are looking for, you may still end up researching several job titles.\r\n<p class=\"article-tips tip\">The U.S. Department of Labor collects employment statistics for jobs based on classification codes. These statistics are published on a national website called O*NET. Many researchers, educational institutions, and government agencies structure their programs around these classifications, so the classifications are useful.</p>\r\n<p class=\"article-tips tip\">This article includes information from <a href=\"https://www.onetonline.org/\">O*NET OnLine</a> by the U.S. Department of Labor’s Employment and Training Administration (USDOL/ETA). O*NET® is a trademark of USDOL/ETA. Used under the CC BY 4.0 license. I have modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.</p>\r\nThe following shows an example of the information you can find on O*NET.\r\n\r\n[caption id=\"attachment_277404\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277404\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-ONET-info.jpg\" alt=\"Sample career information from O*NET\" width=\"556\" height=\"348\" /> Sample career information from O*NET[/caption]\r\n\r\nTo make sense of information about supply chain careers — even from official government sources — you need to understand supply chain processes. A good way to start is to look at job categories, drill down into a category that seems interesting, and find out more about what’s involved with the specific jobs in that category. Then you can use this information to tailor your job search (and your résumé) based on the keywords for each job.\r\n\r\nThe challenge in finding information about supply chain jobs on O*NET is that the jobs are classified in ways that don’t make much sense when you think about them in terms of supply chain management. O*NET uses different codes for transportation managers, logistics managers, and logisticians, for example, but in industry, these titles are often used interchangeably.\r\n\r\nTen job categories cover most of the roles that are directly related to the tasks of planning, sourcing, making, delivering, returning, and enabling in a supply chain:\r\n<ul>\r\n \t<li>Associates\r\n<ul>\r\n \t<li><strong>Procurement clerks </strong>buy stuff from suppliers, and make sure that all the paperwork is in order. Common job titles for procurement clerks include buyer, procurement assistant, procurement officer, procurement specialist, procurement technician, purchasing assistant, purchasing associate, purchasing clerk, purchasing specialist, and warehouse clerk.</li>\r\n \t<li><strong>Stock clerks</strong> handle the shipping and receiving of inventory in a factory or distribution center. Common job titles for stock clerks include bay stocker, material handler, receiver, receiving lead, stock clerk, stocker, stockroom clerk, warehouse clerk, warehouse representative, and warehouse worker.</li>\r\n \t<li><strong>Weighers, measurers, checkers, and samplers</strong> collect data and metrics throughout the supply chain. Common job titles for these roles include cycle counter, inventory specialist, lab technician, material control manager, quality assurance lab technician, quality control lab technician, quality control operator, quality control technician, scale operator, and supply clerk.</li>\r\n \t<li><strong>Laborers and freight, stock, and material movers</strong> move products or packages from one place to another manually (without a forklift). Common job titles for these roles include dock worker, laborer, line tender, loader, material handler, merchandise pickup/receiving associate, receiver, receiving associate, shipping and receiving materials handler, and warehouse worker.</li>\r\n \t<li><strong>Machine feeders and offbearers</strong> support the machines in a supply chain by loading products on them and unloading products from them. Job titles for these roles include feeder, line operator, lug loader, machine feeder, offbearer, sawmill worker, and tube puller.</li>\r\n \t<li><strong>Packers and packagers</strong> put products in the proper packaging to ensure that the products are protected. Job titles for these roles include bagger, inspector packer, mini shifter, pack-out operator, packager, packer, picker and packer, sacker, selector packer, and shipping clerk.</li>\r\n \t<li><strong>Industrial truck and tractor operators</strong> move materials around a distribution center or storage yard, using a fork truck. Common job titles for these roles include checker loader, forklift technician, fork truck driver, forklift driver, forklift operator, lift truck operator, shag truck driver, spotter driver, tow motor operator, and truck driver.</li>\r\n \t<li><strong>Light truck or delivery services drivers</strong> drive small delivery trucks to pick up parts from suppliers or drop off packages to customers. Common job titles for these roles include bulk delivery driver, delivery driver, driver, driver/merchandiser, package car driver, package delivery driver, route driver, route supervisor, service provider, and truck driver.</li>\r\n \t<li><strong>Heavy and tractor-trailer truck drivers</strong> drive big rigs — the semis that move freight across the country. Common job titles for these roles include delivery driver, driver, line haul driver, log truck driver, over-the-road driver, production truck driver, road driver, semi-truck driver, tractor-trailer operator, and truck driver.</li>\r\n</ul>\r\n</li>\r\n \t<li>Technicians\r\n<ul>\r\n \t<li><strong>Electromechanical technicians</strong> operate, test, maintain, or calibrate unmanned, automated, servomechanical, or electromechanical equipment. These technicians may operate unmanned submarines, aircraft, or other equipment at work sites. Even though it isn’t obvious from the name, this job category includes drone operators. Electromechanical technicians may assist engineers in testing and designing robotics equipment. Job titles for this category include electromechanic, electromechanical technician, electronic technician, engineering technician, laboratory technician, maintenance technician, mechanical technician, product test specialist, test technician, and tester.</li>\r\n \t<li><strong>Robotics technicians</strong> build, install, test, or maintain robotic equipment or related automated production systems. Job titles for this category include automation technician, electrical and instrumentation technician, electronics technician, field service technician, instrument specialist, and instrumentation technician.</li>\r\n \t<li><strong>Industrial engineering technologists</strong> assist industrial engineers in such activities as quality control, inventory control, and material flow methods. These workers may conduct statistical studies or analyze production costs. Job titles in this category include associate product integrity engineer, head of operation and logistics, liaison engineer, manager, asset management, materials planner/production planner, planner/scheduler, production control supervisor, quality management coordinator, quality tech, and senior quality methods specialist.</li>\r\n \t<li><strong>Industrial machinery mechanics</strong> repair, install, adjust, or maintain industrial production and processing machinery or refinery and pipeline distribution systems. Job titles in this category include fixer, industrial machinery mechanic, industrial mechanic, loom fixer, machine adjuster, maintenance mechanic, maintenance technician, master mechanic, mechanic, and overhauler.</li>\r\n \t<li><strong>Conveyor operators and tenders</strong> control or tend conveyors or conveyor systems that move materials or products to and from stockpiles, processing stations, departments, or vehicles. These workers may control the speed and routing of materials or products. Job titles in this category include assembly line tender, bander, cartoner operator, chain puller, chipper operator, debarker operator, packing line operator, press operator, process line operator, and process operator.</li>\r\n \t<li><strong>Bus and truck mechanics and diesel engine specialists</strong> diagnose, adjust, repair, or overhaul buses and trucks, or maintain and repair any type of diesel engines. These workers include mechanics working primarily with automobile or marine diesel engines. Job titles in this category include bus mechanic, diesel mechanic, diesel technician, fleet mechanic, general repair mechanic, mechanic, service technician, trailer mechanic, transit mechanic, and truck mechanic.</li>\r\n \t<li><strong>Manufacturing engineering technologists</strong> develop tools, implement designs, or integrate machinery, equipment, or computer technologies to ensure effective manufacturing processes. Job titles in this category include business process analyst, manufacturing coordinator, manufacturing technology analyst, product manager, and scientist.</li>\r\n</ul>\r\n</li>\r\n \t<li>Planners and analysts\r\n<ul>\r\n \t<li><strong>Logistics analysts</strong> analyze product delivery or supply chain processes to identify or recommend changes. These workers may manage route activity, performing tasks such as invoicing, electronic billing, and shipment tracing. Job titles in this category include global logistics analyst, logistics analyst, and supply chain analyst.</li>\r\n \t<li><strong>Management analysts</strong> conduct organizational studies and evaluations, design systems and procedures, conduct work simplification and measurement studies, and prepare operations and procedures manuals to help management operate more efficiently. Job titles in this category include administrative analyst, business analyst, employment programs analyst, leadership development manager, management analyst, management consultant, organizational development consultant, principal consultant, program management analyst, and quality control analyst.</li>\r\n \t<li><strong>Operations research analysts</strong> formulate and apply mathematical modeling and other optimizing methods to develop and interpret information that helps management with decision-making, policy formulation, and other functions. These workers may collect and analyze data, as well as develop decision-support software, services, or products. They may also develop plans to optimize the time and cost for a logistics network. Job titles in this category include analytical strategist, business analytics director, business insight and analytics manager, decision analyst, operations research analyst, operations research group manager, operations research manager, and scientist.</li>\r\n \t<li><strong>Production, planning, and expediting clerks</strong> coordinate and expedite the flow of work and materials within or between departments of an establishment according to a production schedule. Duties include reviewing and distributing production, work, and shipment schedules; conferring with department supervisors to determine progress of work and completion dates; and compiling reports on progress of work, inventory levels, costs, and production problems. Job titles in this category include master scheduler, material coordinator, materials planner, planner, production assistant, production clerk, production controller, production planner, production scheduler, and scheduler.</li>\r\n \t<li><strong>Cargo and freight agents</strong> expedite and route incoming and outgoing cargo and freight shipments in airline, train, and trucking terminals and on shipping docks. These workers take orders from customers and arrange pickup of freight and cargo for delivery to the loading platform. They also prepare and examine bills of lading to determine shipping charges and tariffs. Job titles in this category include cargo agent, documentation clerk, drop shipment clerk, freight broker, intermodal dispatcher, international coordinator, load planner, logistics coordinator, logistics service representative, expeditor, and operations manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Engineers\r\n<ul>\r\n \t<li><strong>Industrial engineers</strong> design, develop, test, and evaluate integrated systems for managing industrial production processes, including human work factors, quality control, inventory control, logistics and material flow, cost analysis, and production coordination. Job titles in this category include engineer, engineering manager, industrial engineer, manufacturing specialist, operations engineer, plant engineer, process engineer, production engineer, supply chain engineer, and tool engineer.</li>\r\n \t<li><strong>Logistics engineers</strong> design or analyze operational solutions for projects such as transportation optimization, network modeling, process and methods analysis, cost containment, capacity enhancement, routing and shipment optimization, and information management. Job titles in this category include logistics engineer, reliability engineer, and systems engineer.</li>\r\n \t<li><strong>Manufacturing engineers</strong> design, integrate, and/or improve manufacturing systems or related processes. These workers may work with commercial or industrial designers to refine product designs in a way that increases productivity and decreases costs. Job titles in this category include advanced manufacturing engineer, advanced manufacturing vice president, facility engineer, manufacturing director, manufacturing engineer, manufacturing engineering director, manufacturing engineering manager, plant engineer, process engineer, and process improvement engineer.</li>\r\n \t<li><strong>Robotics engineers</strong> research, design, develop, or test robotic applications. Job titles in this category include associate professor of automation, automation engineer, engineer, and plant floor automation manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Supervisors\r\n<ul>\r\n \t<li><strong>First-line supervisors of production and operating workers</strong> directly supervise and coordinate the activities of production and operating workers such as inspectors, precision workers, machine setters and operators, assemblers, fabricators, and plant and system operators. Job titles in this category include assembly supervisor, department manager, manufacturing supervisor, molding supervisor, production manager, production supervisor, quality assurance supervisor, shift supervisor, supervisor, and team leader.</li>\r\n \t<li><strong>Dispatchers</strong> schedule and dispatch workers, work crews, equipment, or service vehicles for conveyance of materials, freight, or passengers, or for normal installation, service, or emergency repairs rendered outside the place of business. Duties may include using a radio, telephone, or computer to transmit assignments, as well as compiling statistics and reports on work progress. Job titles in this category include aircraft dispatcher, city dispatcher, dispatch manager, dispatcher, operations dispatcher, rail operations controller, train dispatcher, and truck dispatcher.</li>\r\n \t<li><strong>Loss prevention managers</strong> plan and direct policies, procedures, or systems to prevent the loss of assets. These workers try to protect the supply chain from theft by determining risk exposure or potential liability and then developing risk control measures. Job titles in this category include loss prevention manager, logistics loss prevention manager, loss prevention operations manager, manager of loss prevention operations, and market asset and protection manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Managers\r\n<ul>\r\n \t<li><strong>Supply chain managers</strong> direct or coordinate production, purchasing, warehousing, distribution, or financial forecasting services and activities to limit costs and improve accuracy, customer service, or safety. These workers analyze procedures and identify opportunities for streamlining activities to meet product distribution needs, as well as direct the movement, storage, or processing of inventory. (In other words, they focus on process improvement.) Job titles in this category include global supply chain director, supply chain director, supply chain manager, and supply chain vice president.</li>\r\n \t<li><strong>Transportation managers</strong> plan, direct, or coordinate the transportation operations within an organization or the activities of organizations that provide transportation services. Job titles in this category include director of operations, fleet manager, freight coordinator, global transportation manager, traffic manager, train operations manager, trainmaster, transportation director, transportation manager, and transportation supervisor.</li>\r\n \t<li><strong>Storage and distribution managers</strong> plan, direct, or coordinate the storage or distribution operations within an organization or the activities of organizations that store or distribute materials or products. Job titles in this category include cold-storage supervisor, customer service manager, distribution center manager, distribution manager, distribution operation manager, load-out supervisor, shipping manager, shipping supervisor, stores supervisor, and warehouse manager.</li>\r\n \t<li><strong>Logistics managers</strong> plan, direct, or coordinate purchasing, warehousing, distribution, forecasting, customer service, or planning services. These workers manage logistics personnel and logistics systems, as well as direct daily operations. Job titles in this category include global logistics manager, integrated logistics programs director, logistics manager, logistics solution manager, and supply chain logistics manager.</li>\r\n \t<li><strong>Logisticians</strong> analyze and coordinate the logistical functions of a firm or organization. These workers are responsible for the entire life cycle of a product, including acquisition, distribution, internal allocation, delivery, and final disposal of resources. Job titles in this category include client services administrator, logistician, logistics director, logistics team lead, logistics vice president, operations vice president, production planner, program manager, supervisory supply management specialist, and supportability engineer.</li>\r\n \t<li><strong>Purchasing managers</strong> plan, direct, or coordinate the activities of buyers, purchasing officers, and related workers involved in purchasing materials, products, and services. Job titles in this category include commodity manager, director of materials, director of purchasing, director of strategic sourcing, materials manager, procurement manager, procurement officer, purchasing director, purchasing manager, purchasing supervisor, wholesale or retail trade merchandising manager, and procurement manager.</li>\r\n \t<li><strong>General and operations managers</strong> plan, direct, or coordinate the operations of public or private-sector organizations. Duties and responsibilities include formulating policies, managing daily operations, and planning the use of materials and human resources. Job titles in this category include business manager, facility manager, general manager, operations director, operations manager, plant manager, plant superintendent, production manager, and store manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Sales representatives</li>\r\n \t<li>Information technology managers\r\n<ul>\r\n \t<li><strong>IT project managers</strong> plan, initiate, and manage IT projects. These workers lead and guide the work of technical staff, and serve as liaisons between the business and technical aspects of projects. They also plan project stages; assess business implications for each stage; and monitor progress to ensure that deadlines, standards, and cost targets are met. Job titles in this category include IT manager, IT project manager, program manager, project manager, team coach, project leader, team leader, technical project lead, project management office (PMO) leader, and transition manager.</li>\r\n \t<li><strong>Software developers</strong> research, design, develop, and test operating-system software, compilers, and network distribution software for industrial, business, and general computing applications. These workers set operational specifications and formulate and analyze software requirements; they may design embedded systems software. They also apply principles and techniques of computer science, engineering, and mathematical analysis. Job titles in this category include developer, infrastructure engineer, network engineer, publishing systems analyst, senior software engineer, software architect, software developer, software engineer, systems coordinator, and systems engineer.</li>\r\n \t<li><strong>Computer and information systems managers</strong> plan, direct, or coordinate activities in such fields as electronic data processing, information systems, systems analysis, and computer programming. Job titles in this category include application development director, computing services director, data processing manager, information systems director, information systems manager, information systems supervisor, information technology director, IT manager, management information systems director, and technical services manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Project managers</li>\r\n \t<li>Executives</li>\r\n</ul>\r\nThree other important job categories are also important:\r\n<ul>\r\n \t<li>Journalists</li>\r\n \t<li>Educators\r\n<ul>\r\n \t<li><strong>Vocational education teachers</strong> teach or instruct vocational or occupational subjects at the postsecondary level (but at less than baccalaureate level) to students who have graduated from or left high school. These workers include correspondence-school, industrial, and commercial instructors, as well as adult-education teachers and instructors who prepare people to operate industrial, transportation, and communications equipment. Jobs may be in public or private schools or in organizations engaged in a primary business other than education. Job titles in this category include mentor, coach, instructor, professor, adjunct professor, and teacher.</li>\r\n \t<li><strong>Career/technical education teachers</strong> teach occupational, career and technical, or vocational subjects at the secondary-school level in public or private schools. Job titles in this category include business education teacher, instructor, marketing education teacher, and technology education teacher.</li>\r\n \t<li><strong>Business teachers</strong> teach courses in business administration and management, such as accounting, finance, human resources, labor and industrial relations, marketing, and operations research. These workers includes teachers who are primarily engaged in teaching and those who do a combination of teaching and research. Job titles in this category include associate professor, business administration professor, business instructor, business office technology instructor, business professor, faculty member, instructor, management professor, marketing professor, and professor.</li>\r\n</ul>\r\n</li>\r\n \t<li>Humanitarian supply chain professionals</li>\r\n</ul>\r\nYou can think of these job categories in terms of the framework in the following figure. In general, the higher you go on this chart, the more money you’ll be paid but the fewer job openings you’re likely to find.\r\n\r\n[caption id=\"attachment_277403\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277403\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-careers-framework.jpg\" alt=\"Supply chain careers framework\" width=\"556\" height=\"125\" /> Supply chain careers framework[/caption]\r\n<p class=\"article-tips tip\">The use of the words <em>logistics</em>, <em>purchasing</em>, or <em>operations</em> is a clear sign of a supply chain job.</p>","description":"Supply chain careers and job titles can be confusing, because supply chain management is a relatively new field. (The term <em>supply chain</em> has been around only since the 1980s.) Many <a href=\"https://www.dummies.com/business/management/supply-chain-management-dummies-cheat-sheet/\">supply chain jobs</a> are evolving so quickly that the government agencies that track employment data have a hard time keeping up. Staying up to date with new job titles is a little bit easier for companies because they can change job titles fairly easily, without a lot of red tape.\r\n\r\nWhen a new job is created, each company tries to come up with an appropriate title. The result is that different companies may call the same job by different names, and because so many job titles are used for the same job, matching job titles with employment categories can be difficult. Drones are rapidly making their way into the supply chain scene, for example, so demand for drone operators is growing. Being a drone operator requires training and licensure, but this job has many titles, such as unmanned aircraft system operator, unmanned vehicle pilot, and commercial drone pilot. So, even if you know what kind of job you are looking for, you may still end up researching several job titles.\r\n<p class=\"article-tips tip\">The U.S. Department of Labor collects employment statistics for jobs based on classification codes. These statistics are published on a national website called O*NET. Many researchers, educational institutions, and government agencies structure their programs around these classifications, so the classifications are useful.</p>\r\n<p class=\"article-tips tip\">This article includes information from <a href=\"https://www.onetonline.org/\">O*NET OnLine</a> by the U.S. Department of Labor’s Employment and Training Administration (USDOL/ETA). O*NET® is a trademark of USDOL/ETA. Used under the CC BY 4.0 license. I have modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.</p>\r\nThe following shows an example of the information you can find on O*NET.\r\n\r\n[caption id=\"attachment_277404\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277404\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-ONET-info.jpg\" alt=\"Sample career information from O*NET\" width=\"556\" height=\"348\" /> Sample career information from O*NET[/caption]\r\n\r\nTo make sense of information about supply chain careers — even from official government sources — you need to understand supply chain processes. A good way to start is to look at job categories, drill down into a category that seems interesting, and find out more about what’s involved with the specific jobs in that category. Then you can use this information to tailor your job search (and your résumé) based on the keywords for each job.\r\n\r\nThe challenge in finding information about supply chain jobs on O*NET is that the jobs are classified in ways that don’t make much sense when you think about them in terms of supply chain management. O*NET uses different codes for transportation managers, logistics managers, and logisticians, for example, but in industry, these titles are often used interchangeably.\r\n\r\nTen job categories cover most of the roles that are directly related to the tasks of planning, sourcing, making, delivering, returning, and enabling in a supply chain:\r\n<ul>\r\n \t<li>Associates\r\n<ul>\r\n \t<li><strong>Procurement clerks </strong>buy stuff from suppliers, and make sure that all the paperwork is in order. Common job titles for procurement clerks include buyer, procurement assistant, procurement officer, procurement specialist, procurement technician, purchasing assistant, purchasing associate, purchasing clerk, purchasing specialist, and warehouse clerk.</li>\r\n \t<li><strong>Stock clerks</strong> handle the shipping and receiving of inventory in a factory or distribution center. Common job titles for stock clerks include bay stocker, material handler, receiver, receiving lead, stock clerk, stocker, stockroom clerk, warehouse clerk, warehouse representative, and warehouse worker.</li>\r\n \t<li><strong>Weighers, measurers, checkers, and samplers</strong> collect data and metrics throughout the supply chain. Common job titles for these roles include cycle counter, inventory specialist, lab technician, material control manager, quality assurance lab technician, quality control lab technician, quality control operator, quality control technician, scale operator, and supply clerk.</li>\r\n \t<li><strong>Laborers and freight, stock, and material movers</strong> move products or packages from one place to another manually (without a forklift). Common job titles for these roles include dock worker, laborer, line tender, loader, material handler, merchandise pickup/receiving associate, receiver, receiving associate, shipping and receiving materials handler, and warehouse worker.</li>\r\n \t<li><strong>Machine feeders and offbearers</strong> support the machines in a supply chain by loading products on them and unloading products from them. Job titles for these roles include feeder, line operator, lug loader, machine feeder, offbearer, sawmill worker, and tube puller.</li>\r\n \t<li><strong>Packers and packagers</strong> put products in the proper packaging to ensure that the products are protected. Job titles for these roles include bagger, inspector packer, mini shifter, pack-out operator, packager, packer, picker and packer, sacker, selector packer, and shipping clerk.</li>\r\n \t<li><strong>Industrial truck and tractor operators</strong> move materials around a distribution center or storage yard, using a fork truck. Common job titles for these roles include checker loader, forklift technician, fork truck driver, forklift driver, forklift operator, lift truck operator, shag truck driver, spotter driver, tow motor operator, and truck driver.</li>\r\n \t<li><strong>Light truck or delivery services drivers</strong> drive small delivery trucks to pick up parts from suppliers or drop off packages to customers. Common job titles for these roles include bulk delivery driver, delivery driver, driver, driver/merchandiser, package car driver, package delivery driver, route driver, route supervisor, service provider, and truck driver.</li>\r\n \t<li><strong>Heavy and tractor-trailer truck drivers</strong> drive big rigs — the semis that move freight across the country. Common job titles for these roles include delivery driver, driver, line haul driver, log truck driver, over-the-road driver, production truck driver, road driver, semi-truck driver, tractor-trailer operator, and truck driver.</li>\r\n</ul>\r\n</li>\r\n \t<li>Technicians\r\n<ul>\r\n \t<li><strong>Electromechanical technicians</strong> operate, test, maintain, or calibrate unmanned, automated, servomechanical, or electromechanical equipment. These technicians may operate unmanned submarines, aircraft, or other equipment at work sites. Even though it isn’t obvious from the name, this job category includes drone operators. Electromechanical technicians may assist engineers in testing and designing robotics equipment. Job titles for this category include electromechanic, electromechanical technician, electronic technician, engineering technician, laboratory technician, maintenance technician, mechanical technician, product test specialist, test technician, and tester.</li>\r\n \t<li><strong>Robotics technicians</strong> build, install, test, or maintain robotic equipment or related automated production systems. Job titles for this category include automation technician, electrical and instrumentation technician, electronics technician, field service technician, instrument specialist, and instrumentation technician.</li>\r\n \t<li><strong>Industrial engineering technologists</strong> assist industrial engineers in such activities as quality control, inventory control, and material flow methods. These workers may conduct statistical studies or analyze production costs. Job titles in this category include associate product integrity engineer, head of operation and logistics, liaison engineer, manager, asset management, materials planner/production planner, planner/scheduler, production control supervisor, quality management coordinator, quality tech, and senior quality methods specialist.</li>\r\n \t<li><strong>Industrial machinery mechanics</strong> repair, install, adjust, or maintain industrial production and processing machinery or refinery and pipeline distribution systems. Job titles in this category include fixer, industrial machinery mechanic, industrial mechanic, loom fixer, machine adjuster, maintenance mechanic, maintenance technician, master mechanic, mechanic, and overhauler.</li>\r\n \t<li><strong>Conveyor operators and tenders</strong> control or tend conveyors or conveyor systems that move materials or products to and from stockpiles, processing stations, departments, or vehicles. These workers may control the speed and routing of materials or products. Job titles in this category include assembly line tender, bander, cartoner operator, chain puller, chipper operator, debarker operator, packing line operator, press operator, process line operator, and process operator.</li>\r\n \t<li><strong>Bus and truck mechanics and diesel engine specialists</strong> diagnose, adjust, repair, or overhaul buses and trucks, or maintain and repair any type of diesel engines. These workers include mechanics working primarily with automobile or marine diesel engines. Job titles in this category include bus mechanic, diesel mechanic, diesel technician, fleet mechanic, general repair mechanic, mechanic, service technician, trailer mechanic, transit mechanic, and truck mechanic.</li>\r\n \t<li><strong>Manufacturing engineering technologists</strong> develop tools, implement designs, or integrate machinery, equipment, or computer technologies to ensure effective manufacturing processes. Job titles in this category include business process analyst, manufacturing coordinator, manufacturing technology analyst, product manager, and scientist.</li>\r\n</ul>\r\n</li>\r\n \t<li>Planners and analysts\r\n<ul>\r\n \t<li><strong>Logistics analysts</strong> analyze product delivery or supply chain processes to identify or recommend changes. These workers may manage route activity, performing tasks such as invoicing, electronic billing, and shipment tracing. Job titles in this category include global logistics analyst, logistics analyst, and supply chain analyst.</li>\r\n \t<li><strong>Management analysts</strong> conduct organizational studies and evaluations, design systems and procedures, conduct work simplification and measurement studies, and prepare operations and procedures manuals to help management operate more efficiently. Job titles in this category include administrative analyst, business analyst, employment programs analyst, leadership development manager, management analyst, management consultant, organizational development consultant, principal consultant, program management analyst, and quality control analyst.</li>\r\n \t<li><strong>Operations research analysts</strong> formulate and apply mathematical modeling and other optimizing methods to develop and interpret information that helps management with decision-making, policy formulation, and other functions. These workers may collect and analyze data, as well as develop decision-support software, services, or products. They may also develop plans to optimize the time and cost for a logistics network. Job titles in this category include analytical strategist, business analytics director, business insight and analytics manager, decision analyst, operations research analyst, operations research group manager, operations research manager, and scientist.</li>\r\n \t<li><strong>Production, planning, and expediting clerks</strong> coordinate and expedite the flow of work and materials within or between departments of an establishment according to a production schedule. Duties include reviewing and distributing production, work, and shipment schedules; conferring with department supervisors to determine progress of work and completion dates; and compiling reports on progress of work, inventory levels, costs, and production problems. Job titles in this category include master scheduler, material coordinator, materials planner, planner, production assistant, production clerk, production controller, production planner, production scheduler, and scheduler.</li>\r\n \t<li><strong>Cargo and freight agents</strong> expedite and route incoming and outgoing cargo and freight shipments in airline, train, and trucking terminals and on shipping docks. These workers take orders from customers and arrange pickup of freight and cargo for delivery to the loading platform. They also prepare and examine bills of lading to determine shipping charges and tariffs. Job titles in this category include cargo agent, documentation clerk, drop shipment clerk, freight broker, intermodal dispatcher, international coordinator, load planner, logistics coordinator, logistics service representative, expeditor, and operations manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Engineers\r\n<ul>\r\n \t<li><strong>Industrial engineers</strong> design, develop, test, and evaluate integrated systems for managing industrial production processes, including human work factors, quality control, inventory control, logistics and material flow, cost analysis, and production coordination. Job titles in this category include engineer, engineering manager, industrial engineer, manufacturing specialist, operations engineer, plant engineer, process engineer, production engineer, supply chain engineer, and tool engineer.</li>\r\n \t<li><strong>Logistics engineers</strong> design or analyze operational solutions for projects such as transportation optimization, network modeling, process and methods analysis, cost containment, capacity enhancement, routing and shipment optimization, and information management. Job titles in this category include logistics engineer, reliability engineer, and systems engineer.</li>\r\n \t<li><strong>Manufacturing engineers</strong> design, integrate, and/or improve manufacturing systems or related processes. These workers may work with commercial or industrial designers to refine product designs in a way that increases productivity and decreases costs. Job titles in this category include advanced manufacturing engineer, advanced manufacturing vice president, facility engineer, manufacturing director, manufacturing engineer, manufacturing engineering director, manufacturing engineering manager, plant engineer, process engineer, and process improvement engineer.</li>\r\n \t<li><strong>Robotics engineers</strong> research, design, develop, or test robotic applications. Job titles in this category include associate professor of automation, automation engineer, engineer, and plant floor automation manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Supervisors\r\n<ul>\r\n \t<li><strong>First-line supervisors of production and operating workers</strong> directly supervise and coordinate the activities of production and operating workers such as inspectors, precision workers, machine setters and operators, assemblers, fabricators, and plant and system operators. Job titles in this category include assembly supervisor, department manager, manufacturing supervisor, molding supervisor, production manager, production supervisor, quality assurance supervisor, shift supervisor, supervisor, and team leader.</li>\r\n \t<li><strong>Dispatchers</strong> schedule and dispatch workers, work crews, equipment, or service vehicles for conveyance of materials, freight, or passengers, or for normal installation, service, or emergency repairs rendered outside the place of business. Duties may include using a radio, telephone, or computer to transmit assignments, as well as compiling statistics and reports on work progress. Job titles in this category include aircraft dispatcher, city dispatcher, dispatch manager, dispatcher, operations dispatcher, rail operations controller, train dispatcher, and truck dispatcher.</li>\r\n \t<li><strong>Loss prevention managers</strong> plan and direct policies, procedures, or systems to prevent the loss of assets. These workers try to protect the supply chain from theft by determining risk exposure or potential liability and then developing risk control measures. Job titles in this category include loss prevention manager, logistics loss prevention manager, loss prevention operations manager, manager of loss prevention operations, and market asset and protection manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Managers\r\n<ul>\r\n \t<li><strong>Supply chain managers</strong> direct or coordinate production, purchasing, warehousing, distribution, or financial forecasting services and activities to limit costs and improve accuracy, customer service, or safety. These workers analyze procedures and identify opportunities for streamlining activities to meet product distribution needs, as well as direct the movement, storage, or processing of inventory. (In other words, they focus on process improvement.) Job titles in this category include global supply chain director, supply chain director, supply chain manager, and supply chain vice president.</li>\r\n \t<li><strong>Transportation managers</strong> plan, direct, or coordinate the transportation operations within an organization or the activities of organizations that provide transportation services. Job titles in this category include director of operations, fleet manager, freight coordinator, global transportation manager, traffic manager, train operations manager, trainmaster, transportation director, transportation manager, and transportation supervisor.</li>\r\n \t<li><strong>Storage and distribution managers</strong> plan, direct, or coordinate the storage or distribution operations within an organization or the activities of organizations that store or distribute materials or products. Job titles in this category include cold-storage supervisor, customer service manager, distribution center manager, distribution manager, distribution operation manager, load-out supervisor, shipping manager, shipping supervisor, stores supervisor, and warehouse manager.</li>\r\n \t<li><strong>Logistics managers</strong> plan, direct, or coordinate purchasing, warehousing, distribution, forecasting, customer service, or planning services. These workers manage logistics personnel and logistics systems, as well as direct daily operations. Job titles in this category include global logistics manager, integrated logistics programs director, logistics manager, logistics solution manager, and supply chain logistics manager.</li>\r\n \t<li><strong>Logisticians</strong> analyze and coordinate the logistical functions of a firm or organization. These workers are responsible for the entire life cycle of a product, including acquisition, distribution, internal allocation, delivery, and final disposal of resources. Job titles in this category include client services administrator, logistician, logistics director, logistics team lead, logistics vice president, operations vice president, production planner, program manager, supervisory supply management specialist, and supportability engineer.</li>\r\n \t<li><strong>Purchasing managers</strong> plan, direct, or coordinate the activities of buyers, purchasing officers, and related workers involved in purchasing materials, products, and services. Job titles in this category include commodity manager, director of materials, director of purchasing, director of strategic sourcing, materials manager, procurement manager, procurement officer, purchasing director, purchasing manager, purchasing supervisor, wholesale or retail trade merchandising manager, and procurement manager.</li>\r\n \t<li><strong>General and operations managers</strong> plan, direct, or coordinate the operations of public or private-sector organizations. Duties and responsibilities include formulating policies, managing daily operations, and planning the use of materials and human resources. Job titles in this category include business manager, facility manager, general manager, operations director, operations manager, plant manager, plant superintendent, production manager, and store manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Sales representatives</li>\r\n \t<li>Information technology managers\r\n<ul>\r\n \t<li><strong>IT project managers</strong> plan, initiate, and manage IT projects. These workers lead and guide the work of technical staff, and serve as liaisons between the business and technical aspects of projects. They also plan project stages; assess business implications for each stage; and monitor progress to ensure that deadlines, standards, and cost targets are met. Job titles in this category include IT manager, IT project manager, program manager, project manager, team coach, project leader, team leader, technical project lead, project management office (PMO) leader, and transition manager.</li>\r\n \t<li><strong>Software developers</strong> research, design, develop, and test operating-system software, compilers, and network distribution software for industrial, business, and general computing applications. These workers set operational specifications and formulate and analyze software requirements; they may design embedded systems software. They also apply principles and techniques of computer science, engineering, and mathematical analysis. Job titles in this category include developer, infrastructure engineer, network engineer, publishing systems analyst, senior software engineer, software architect, software developer, software engineer, systems coordinator, and systems engineer.</li>\r\n \t<li><strong>Computer and information systems managers</strong> plan, direct, or coordinate activities in such fields as electronic data processing, information systems, systems analysis, and computer programming. Job titles in this category include application development director, computing services director, data processing manager, information systems director, information systems manager, information systems supervisor, information technology director, IT manager, management information systems director, and technical services manager.</li>\r\n</ul>\r\n</li>\r\n \t<li>Project managers</li>\r\n \t<li>Executives</li>\r\n</ul>\r\nThree other important job categories are also important:\r\n<ul>\r\n \t<li>Journalists</li>\r\n \t<li>Educators\r\n<ul>\r\n \t<li><strong>Vocational education teachers</strong> teach or instruct vocational or occupational subjects at the postsecondary level (but at less than baccalaureate level) to students who have graduated from or left high school. These workers include correspondence-school, industrial, and commercial instructors, as well as adult-education teachers and instructors who prepare people to operate industrial, transportation, and communications equipment. Jobs may be in public or private schools or in organizations engaged in a primary business other than education. Job titles in this category include mentor, coach, instructor, professor, adjunct professor, and teacher.</li>\r\n \t<li><strong>Career/technical education teachers</strong> teach occupational, career and technical, or vocational subjects at the secondary-school level in public or private schools. Job titles in this category include business education teacher, instructor, marketing education teacher, and technology education teacher.</li>\r\n \t<li><strong>Business teachers</strong> teach courses in business administration and management, such as accounting, finance, human resources, labor and industrial relations, marketing, and operations research. These workers includes teachers who are primarily engaged in teaching and those who do a combination of teaching and research. Job titles in this category include associate professor, business administration professor, business instructor, business office technology instructor, business professor, faculty member, instructor, management professor, marketing professor, and professor.</li>\r\n</ul>\r\n</li>\r\n \t<li>Humanitarian supply chain professionals</li>\r\n</ul>\r\nYou can think of these job categories in terms of the framework in the following figure. In general, the higher you go on this chart, the more money you’ll be paid but the fewer job openings you’re likely to find.\r\n\r\n[caption id=\"attachment_277403\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277403\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-careers-framework.jpg\" alt=\"Supply chain careers framework\" width=\"556\" height=\"125\" /> Supply chain careers framework[/caption]\r\n<p class=\"article-tips tip\">The use of the words <em>logistics</em>, <em>purchasing</em>, or <em>operations</em> is a clear sign of a supply chain job.</p>","blurb":"","authors":[{"authorId":11248,"name":"Daniel Stanton","slug":"daniel-stanton","description":" <p><b>Daniel Stanton</b> is known as &#34;Mr. Supply Chain.&#34; His books are used by students and professionals around the world, and his courses on LinkedIn Learning have been viewed more than 1 million times. He holds numerous industry certifications, including Certified Supply Chain Professional &#40;CSCP&#41; and SCPro. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/11248"}}],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":292019,"title":"Supplier Diversity For Dummies Cheat Sheet","slug":"supplier-diversity-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/292019"}},{"articleId":277394,"title":"Supply Chain Analytics: Correlation, Causation, and Interpolation","slug":"supply-chain-analytics-correlation-causation-and-interpolation","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277394"}},{"articleId":277388,"title":"Supply Chain Management: Planning and Scheduling Production","slug":"supply-chain-management-planning-and-scheduling-production","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277388"}},{"articleId":277383,"title":"How Supply Chain Processes Evolve","slug":"how-supply-chain-processes-evolve","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277383"}},{"articleId":277378,"title":"Supply Chain Management: Managing Warehousing and Inventory","slug":"supply-chain-management-managing-warehousing-and-inventory","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277378"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":0,"slug":null,"isbn":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-62b36f2ee6570\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;business&quot;,&quot;operations&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-62b36f2ee6e46\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":null,"dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":277402},{"headers":{"creationTime":"2021-02-04T23:00:26+00:00","modifiedTime":"2021-03-25T18:12:04+00:00","timestamp":"2022-06-22T19:36:14+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"Supply Chain Analytics: Correlation, Causation, and Interpolation","strippedTitle":"supply chain analytics: correlation, causation, and interpolation","slug":"supply-chain-analytics-correlation-causation-and-interpolation","canonicalUrl":"","seo":{"metaDescription":"Gain an understanding of what correlation, causation, and interpolation mean and how to use them in supply chain analytics.","noIndex":0,"noFollow":0},"content":"Three words — correlation, causation, and interpolation — are key to almost everything that happens in <a href=\"https://www.dummies.com/business/management/supply-chain-management-dummies-cheat-sheet/\">supply chain</a> analytics. If you understand what they mean and how to use them, the rest of analytics is a breeze.\r\n\r\nCorrelation and causation are closely related. <em>Correlation</em> means that two variables are connected in some way. <em>Causation</em> means that one variable causes another to occur. The fact that two variables are correlated doesn’t necessarily mean that one causes the other to occur. The correlation could be a coincidence, or some other factor may cause both variables to change. Sales of ice cream and sunblock lotion may be closely correlated, for example, but one variable doesn’t cause the other. Both are affected by the season and weather.\r\n\r\nGenerally, the business questions that you ask should be based on trying to understand causation (such as “Does increasing the amount we spend on marketing lead to an increase in sales?”). You usually answer these questions by looking for correlations. The data can’t tell you for certain that advertising was the only reason for the increase in sales, but it can show whether sales tend to go up when you advertise more.\r\n\r\nEach piece of data that you collect from your supply chain can be plotted as a point on a graph. The amount of product that you sold on a particular day could be a point on a graph. When you plot several pieces of data, such as sales on different days, you end up with multiple points on the graph. To do analysis and look for trends in data, however, you may need to see the data as a line. That is, you collected point data, but you need to convert this data to continuous data to do some kinds of analysis. Many times, you can create a line that does a good job of averaging or approximating the point data. The process of converting point data to a line is called <em>linear interpolation.</em>\r\n\r\nThis figure shows how linear interpolation can turn points into a line that reveals trends in data. In this example, the upward trend in sales would be hard to see with just the raw data points, but it’s clear when you look at the trend of the line.\r\n\r\n[caption id=\"attachment_277399\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277399\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-data-points.jpg\" alt=\"Linear interpolation of data points\" width=\"556\" height=\"305\" /> Linear interpolation of data points[/caption]\r\n<p class=\"article-tips tip\">Interpolation is commonly used in forecasting. You can create a line based on the data points from the past and then extend that line into the future to create a forecast. Spreadsheet applications, such as Microsoft Excel, can do interpolations automatically. In Excel, you can add interpolations to a chart by using the trend-line feature. If you want to calculate an interpolation within a cell on an Excel spreadsheet, you can use the FORECAST function.</p>\r\n<p class=\"article-tips tech\">Another way to analyze data is a mathematical process called nonlinear interpolation. Excel’s data visualization tool includes several trend-line options that perform nonlinear interpolation.</p>\r\nCorrelations are easy to see on a graph, but they can be calculated mathematically as well. Correlations can be positive, negative, or zero.\r\n\r\nWhen two things are perfectly and positively correlated, their correlation coefficient is +1.0. The following figure shows two variables that have a positive correlation. In this example, increasing the amount of money spent on advertising coincides, or correlates, with an increase in revenue.\r\n\r\n[caption id=\"attachment_277397\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277397\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-positive-correlation.jpg\" alt=\"Variables that have a positive correlation\" width=\"556\" height=\"555\" /> Variables that have a positive correlation[/caption]\r\n\r\nWhen one thing goes up while another thing goes down, their correlation coefficient is –1.0. The following figure shows an example of negative correlation in which lowering the price correlates to an increase in the number of units sold.\r\n\r\n[caption id=\"attachment_277396\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277396\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-negative-variables.jpg\" alt=\"Variables that have a negative correlation\" width=\"556\" height=\"554\" /> Variables that have a negative correlation[/caption]\r\n\r\nIf no correlation exists between two things — they’re totally independent — their correlation is 0. The following figure shows two variables that appear to have a correlation of 0. When the correlation between two variables is very low or close to 0, those variables are unrelated.\r\n\r\n[caption id=\"attachment_277395\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277395\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-analytics-variables.jpg\" alt=\"Variables that are random and not correlated\" width=\"556\" height=\"559\" /> Variables that are random and not correlated[/caption]\r\n\r\nIn real-world analytics problems, you rarely find correlations that are exactly 1.0, 0.0, or –1.0. As a result, it isn’t always easy to tell whether the data supports your theory. Deciding what level of correlation is considered to be significant or meaningful is a frequent topic of debate among analysts.\r\n\r\nDeciding whether a correlation is significant depends on the question you’re asking, the data you’re using, and the approach you use to ask the question. You also have to consider confidence (how important is it to be right). There’s a big difference between needing to be 80 percent confident and 99 percent confident. Many times, the best approach is simply to ask a team of supply chain analysts or statisticians what they think the level of significance should be.\r\n<p class=\"article-tips tip\">Seeing that two things are correlated is a useful insight that can help you identify ways to improve your supply chain, even if you can’t claim a high degree of confidence or prove that one caused the other.</p>","description":"Three words — correlation, causation, and interpolation — are key to almost everything that happens in <a href=\"https://www.dummies.com/business/management/supply-chain-management-dummies-cheat-sheet/\">supply chain</a> analytics. If you understand what they mean and how to use them, the rest of analytics is a breeze.\r\n\r\nCorrelation and causation are closely related. <em>Correlation</em> means that two variables are connected in some way. <em>Causation</em> means that one variable causes another to occur. The fact that two variables are correlated doesn’t necessarily mean that one causes the other to occur. The correlation could be a coincidence, or some other factor may cause both variables to change. Sales of ice cream and sunblock lotion may be closely correlated, for example, but one variable doesn’t cause the other. Both are affected by the season and weather.\r\n\r\nGenerally, the business questions that you ask should be based on trying to understand causation (such as “Does increasing the amount we spend on marketing lead to an increase in sales?”). You usually answer these questions by looking for correlations. The data can’t tell you for certain that advertising was the only reason for the increase in sales, but it can show whether sales tend to go up when you advertise more.\r\n\r\nEach piece of data that you collect from your supply chain can be plotted as a point on a graph. The amount of product that you sold on a particular day could be a point on a graph. When you plot several pieces of data, such as sales on different days, you end up with multiple points on the graph. To do analysis and look for trends in data, however, you may need to see the data as a line. That is, you collected point data, but you need to convert this data to continuous data to do some kinds of analysis. Many times, you can create a line that does a good job of averaging or approximating the point data. The process of converting point data to a line is called <em>linear interpolation.</em>\r\n\r\nThis figure shows how linear interpolation can turn points into a line that reveals trends in data. In this example, the upward trend in sales would be hard to see with just the raw data points, but it’s clear when you look at the trend of the line.\r\n\r\n[caption id=\"attachment_277399\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277399\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-data-points.jpg\" alt=\"Linear interpolation of data points\" width=\"556\" height=\"305\" /> Linear interpolation of data points[/caption]\r\n<p class=\"article-tips tip\">Interpolation is commonly used in forecasting. You can create a line based on the data points from the past and then extend that line into the future to create a forecast. Spreadsheet applications, such as Microsoft Excel, can do interpolations automatically. In Excel, you can add interpolations to a chart by using the trend-line feature. If you want to calculate an interpolation within a cell on an Excel spreadsheet, you can use the FORECAST function.</p>\r\n<p class=\"article-tips tech\">Another way to analyze data is a mathematical process called nonlinear interpolation. Excel’s data visualization tool includes several trend-line options that perform nonlinear interpolation.</p>\r\nCorrelations are easy to see on a graph, but they can be calculated mathematically as well. Correlations can be positive, negative, or zero.\r\n\r\nWhen two things are perfectly and positively correlated, their correlation coefficient is +1.0. The following figure shows two variables that have a positive correlation. In this example, increasing the amount of money spent on advertising coincides, or correlates, with an increase in revenue.\r\n\r\n[caption id=\"attachment_277397\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277397\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-positive-correlation.jpg\" alt=\"Variables that have a positive correlation\" width=\"556\" height=\"555\" /> Variables that have a positive correlation[/caption]\r\n\r\nWhen one thing goes up while another thing goes down, their correlation coefficient is –1.0. The following figure shows an example of negative correlation in which lowering the price correlates to an increase in the number of units sold.\r\n\r\n[caption id=\"attachment_277396\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277396\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-negative-variables.jpg\" alt=\"Variables that have a negative correlation\" width=\"556\" height=\"554\" /> Variables that have a negative correlation[/caption]\r\n\r\nIf no correlation exists between two things — they’re totally independent — their correlation is 0. The following figure shows two variables that appear to have a correlation of 0. When the correlation between two variables is very low or close to 0, those variables are unrelated.\r\n\r\n[caption id=\"attachment_277395\" align=\"alignnone\" width=\"556\"]<img class=\"size-full wp-image-277395\" src=\"https://www.dummies.com/wp-content/uploads/supply-chain-analytics-variables.jpg\" alt=\"Variables that are random and not correlated\" width=\"556\" height=\"559\" /> Variables that are random and not correlated[/caption]\r\n\r\nIn real-world analytics problems, you rarely find correlations that are exactly 1.0, 0.0, or –1.0. As a result, it isn’t always easy to tell whether the data supports your theory. Deciding what level of correlation is considered to be significant or meaningful is a frequent topic of debate among analysts.\r\n\r\nDeciding whether a correlation is significant depends on the question you’re asking, the data you’re using, and the approach you use to ask the question. You also have to consider confidence (how important is it to be right). There’s a big difference between needing to be 80 percent confident and 99 percent confident. Many times, the best approach is simply to ask a team of supply chain analysts or statisticians what they think the level of significance should be.\r\n<p class=\"article-tips tip\">Seeing that two things are correlated is a useful insight that can help you identify ways to improve your supply chain, even if you can’t claim a high degree of confidence or prove that one caused the other.</p>","blurb":"","authors":[{"authorId":11248,"name":"Daniel Stanton","slug":"daniel-stanton","description":" <p><b>Daniel Stanton</b> is known as &#34;Mr. Supply Chain.&#34; His books are used by students and professionals around the world, and his courses on LinkedIn Learning have been viewed more than 1 million times. He holds numerous industry certifications, including Certified Supply Chain Professional &#40;CSCP&#41; and SCPro. ","_links":{"self":"https://dummies-api.dummies.com/v2/authors/11248"}}],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":292019,"title":"Supplier Diversity For Dummies Cheat Sheet","slug":"supplier-diversity-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/292019"}},{"articleId":277402,"title":"Supply Chain Career 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Operations Articles

Business operations turn the awesome ideas in your head into boots-on-the-ground reality in your company. Learn more about all aspects of ops.

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236 results
Operations Global Logistics For Dummies Cheat Sheet

Cheat Sheet / Updated 04-18-2022

Turning your successful domestic business into a successful global one requires a considerable amount of thought and planning. All the economic advantages you imagine (new markets, manufacturing cost savings, labor cost savings, and so on) can quickly be outweighed by physical and cultural challenges. If you've done your homework and are one of the companies out there who have made a successful go of global logistics, you are likely to be asked at some point to provide support services to humanitarian and disaster relief efforts. If so, it's important to know what you'll be getting into.

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Operations Quality Control For Dummies Cheat Sheet

Cheat Sheet / Updated 04-12-2022

Without quality control, your organization can't survive for long. Successfully implementing, maintaining, and evaluating quality control standards is critical whether you're seeking ISO certification or just keeping up with customer needs. When implementing a quality control process, you'll likely face resistance from people within the organization. By staying vigilant and addressing potential problems early, however, your organization can function at a high level.

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Operations Supplier Diversity For Dummies Cheat Sheet

Cheat Sheet / Updated 04-11-2022

Although the term supplier diversity has been around for half a century, aspects of it still mystify organizations and rout the best intentions. Being expected to know everything can be daunting. This Cheat Sheet provides a quick reference to help you understand some key supplier diversity considerations.

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Operations Import/Export Kit For Dummies Cheat Sheet

Cheat Sheet / Updated 03-01-2022

If you're thinking about starting an import/export business, do some research and ask yourself some key questions to see if a career in international trade is right for you. Make sure you're in agreement with the buyer or seller of goods about basic issues regarding your import/export business and stay current on trade rules and regulations in the countries that you're importing from or exporting to.

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Operations FinTech For Dummies Cheat Sheet

Cheat Sheet / Updated 02-22-2022

What is Fintech? A FinTech company is any company that provides financial services, software, or technology to individuals, companies, governments, or financial institutions. If you’re interested in finding out more about FinTech, it helps to know a few basic definitions, understand the benefits of working with a FinTech provider, and get a handle on core technologies.

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Operations Supply Chain Management for Dummies Cheat Sheet

Cheat Sheet / Updated 02-18-2022

A supply chain is a complex system made up of people, processes, and technologies that deliver value to a customer. Supply chains connect the functional departments within a company, and they connect every company to its customers and suppliers. Supply chain management involves coordinating all the work that is required to profitably deliver a product or service to your customer.

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Operations Operations Management For Dummies Cheat Sheet

Cheat Sheet / Updated 02-17-2022

In business, operations management is the development, execution, and maintenance of effective processes — whether used continuously for the production and delivery of goods or services or for the one-time execution of a major project. Some mathematical formulas come in handy to keep business operations running as smoothly as possible, from managing inventory to estimating the time and cost of a special project.

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Operations Inventory-Management Formulas for Improving Business Operations

Article / Updated 09-27-2021

Managing inventory is an important way for a business to manage variations in demand. Inventory can provide a means to manage demand fluctuation so that process capacity and resource utilization are kept steady and used most efficiently. Of course, maintaining an inventory isn't cost-free or risk-free, because inventory represents tied-up cash and storage costs and comes with the risk that the inventory will spoil or become obsolete. In the case of bank or restaurant customers, if they have to wait in a line too long, the risk is a lost customer. Following are some formulas for the three most common inventory policies that companies use to try to minimize their risk: Newsvendor inventory policy Continuous review inventory policy Periodic review inventory policy Newsvendor inventory policy The newsvendor policy is often also called single period inventory management. As the name implies, the business has one shot to purchase the inventory that it believes it will need to meet customer demand. This policy is typically used for seasonal items, such as swimsuits and snowblowers. Let μ = expected demand, σ = standard deviation of demand, Q = an order quantity, ES = expected sales, ELS = expected lost sales, ELI = expected leftover inventory, = the cost of understocking one item, and = the cost of overstocking one item. Newsvendor optimal order quantity is Q such that: Continuous review inventory policy In a continuous review inventory policy, you continually monitor your inventory and order a fixed quantity every time your inventory level reaches a preset quantity. The fixed quantity is often called the economic order quantity (EOQ) because it's the quantity that minimizes your total inventory costs. You place an order for the EOQ whenever your inventory level reaches the set reorder point (ROP). To calculate the EOQ and ROP, use the following equations. Let D = annual demand for the product, S = setup cost to place one order, H = holding cost to keep one item in inventory for a year, SS = safety stock, and z = the z value for the desired service level. ROP = (Average Demand * Average Delivery Lead Time) + Safety Stock Periodic review inventory policy In some cases, it's impractical to continuously monitor inventory levels, and a business may choose to periodically monitor. In this policy, the firm sets a certain time (T) to check inventory levels. At this time, the company orders inventory to bring levels up to a target inventory (TI). The company typically sets the T based on its operations and calculates the TI based on this T using the following equation: TI = Average Demand * (Average Lead Time + T) + SS Where SS is calculated as:

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Operations Supply Chain Career Categories

Article / Updated 03-25-2021

Supply chain careers and job titles can be confusing, because supply chain management is a relatively new field. (The term supply chain has been around only since the 1980s.) Many supply chain jobs are evolving so quickly that the government agencies that track employment data have a hard time keeping up. Staying up to date with new job titles is a little bit easier for companies because they can change job titles fairly easily, without a lot of red tape. When a new job is created, each company tries to come up with an appropriate title. The result is that different companies may call the same job by different names, and because so many job titles are used for the same job, matching job titles with employment categories can be difficult. Drones are rapidly making their way into the supply chain scene, for example, so demand for drone operators is growing. Being a drone operator requires training and licensure, but this job has many titles, such as unmanned aircraft system operator, unmanned vehicle pilot, and commercial drone pilot. So, even if you know what kind of job you are looking for, you may still end up researching several job titles. The U.S. Department of Labor collects employment statistics for jobs based on classification codes. These statistics are published on a national website called O*NET. Many researchers, educational institutions, and government agencies structure their programs around these classifications, so the classifications are useful. This article includes information from O*NET OnLine by the U.S. Department of Labor’s Employment and Training Administration (USDOL/ETA). O*NET® is a trademark of USDOL/ETA. Used under the CC BY 4.0 license. I have modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications. The following shows an example of the information you can find on O*NET. To make sense of information about supply chain careers — even from official government sources — you need to understand supply chain processes. A good way to start is to look at job categories, drill down into a category that seems interesting, and find out more about what’s involved with the specific jobs in that category. Then you can use this information to tailor your job search (and your résumé) based on the keywords for each job. The challenge in finding information about supply chain jobs on O*NET is that the jobs are classified in ways that don’t make much sense when you think about them in terms of supply chain management. O*NET uses different codes for transportation managers, logistics managers, and logisticians, for example, but in industry, these titles are often used interchangeably. Ten job categories cover most of the roles that are directly related to the tasks of planning, sourcing, making, delivering, returning, and enabling in a supply chain: Associates Procurement clerks buy stuff from suppliers, and make sure that all the paperwork is in order. Common job titles for procurement clerks include buyer, procurement assistant, procurement officer, procurement specialist, procurement technician, purchasing assistant, purchasing associate, purchasing clerk, purchasing specialist, and warehouse clerk. Stock clerks handle the shipping and receiving of inventory in a factory or distribution center. Common job titles for stock clerks include bay stocker, material handler, receiver, receiving lead, stock clerk, stocker, stockroom clerk, warehouse clerk, warehouse representative, and warehouse worker. Weighers, measurers, checkers, and samplers collect data and metrics throughout the supply chain. Common job titles for these roles include cycle counter, inventory specialist, lab technician, material control manager, quality assurance lab technician, quality control lab technician, quality control operator, quality control technician, scale operator, and supply clerk. Laborers and freight, stock, and material movers move products or packages from one place to another manually (without a forklift). Common job titles for these roles include dock worker, laborer, line tender, loader, material handler, merchandise pickup/receiving associate, receiver, receiving associate, shipping and receiving materials handler, and warehouse worker. Machine feeders and offbearers support the machines in a supply chain by loading products on them and unloading products from them. Job titles for these roles include feeder, line operator, lug loader, machine feeder, offbearer, sawmill worker, and tube puller. Packers and packagers put products in the proper packaging to ensure that the products are protected. Job titles for these roles include bagger, inspector packer, mini shifter, pack-out operator, packager, packer, picker and packer, sacker, selector packer, and shipping clerk. Industrial truck and tractor operators move materials around a distribution center or storage yard, using a fork truck. Common job titles for these roles include checker loader, forklift technician, fork truck driver, forklift driver, forklift operator, lift truck operator, shag truck driver, spotter driver, tow motor operator, and truck driver. Light truck or delivery services drivers drive small delivery trucks to pick up parts from suppliers or drop off packages to customers. Common job titles for these roles include bulk delivery driver, delivery driver, driver, driver/merchandiser, package car driver, package delivery driver, route driver, route supervisor, service provider, and truck driver. Heavy and tractor-trailer truck drivers drive big rigs — the semis that move freight across the country. Common job titles for these roles include delivery driver, driver, line haul driver, log truck driver, over-the-road driver, production truck driver, road driver, semi-truck driver, tractor-trailer operator, and truck driver. Technicians Electromechanical technicians operate, test, maintain, or calibrate unmanned, automated, servomechanical, or electromechanical equipment. These technicians may operate unmanned submarines, aircraft, or other equipment at work sites. Even though it isn’t obvious from the name, this job category includes drone operators. Electromechanical technicians may assist engineers in testing and designing robotics equipment. Job titles for this category include electromechanic, electromechanical technician, electronic technician, engineering technician, laboratory technician, maintenance technician, mechanical technician, product test specialist, test technician, and tester. Robotics technicians build, install, test, or maintain robotic equipment or related automated production systems. Job titles for this category include automation technician, electrical and instrumentation technician, electronics technician, field service technician, instrument specialist, and instrumentation technician. Industrial engineering technologists assist industrial engineers in such activities as quality control, inventory control, and material flow methods. These workers may conduct statistical studies or analyze production costs. Job titles in this category include associate product integrity engineer, head of operation and logistics, liaison engineer, manager, asset management, materials planner/production planner, planner/scheduler, production control supervisor, quality management coordinator, quality tech, and senior quality methods specialist. Industrial machinery mechanics repair, install, adjust, or maintain industrial production and processing machinery or refinery and pipeline distribution systems. Job titles in this category include fixer, industrial machinery mechanic, industrial mechanic, loom fixer, machine adjuster, maintenance mechanic, maintenance technician, master mechanic, mechanic, and overhauler. Conveyor operators and tenders control or tend conveyors or conveyor systems that move materials or products to and from stockpiles, processing stations, departments, or vehicles. These workers may control the speed and routing of materials or products. Job titles in this category include assembly line tender, bander, cartoner operator, chain puller, chipper operator, debarker operator, packing line operator, press operator, process line operator, and process operator. Bus and truck mechanics and diesel engine specialists diagnose, adjust, repair, or overhaul buses and trucks, or maintain and repair any type of diesel engines. These workers include mechanics working primarily with automobile or marine diesel engines. Job titles in this category include bus mechanic, diesel mechanic, diesel technician, fleet mechanic, general repair mechanic, mechanic, service technician, trailer mechanic, transit mechanic, and truck mechanic. Manufacturing engineering technologists develop tools, implement designs, or integrate machinery, equipment, or computer technologies to ensure effective manufacturing processes. Job titles in this category include business process analyst, manufacturing coordinator, manufacturing technology analyst, product manager, and scientist. Planners and analysts Logistics analysts analyze product delivery or supply chain processes to identify or recommend changes. These workers may manage route activity, performing tasks such as invoicing, electronic billing, and shipment tracing. Job titles in this category include global logistics analyst, logistics analyst, and supply chain analyst. Management analysts conduct organizational studies and evaluations, design systems and procedures, conduct work simplification and measurement studies, and prepare operations and procedures manuals to help management operate more efficiently. Job titles in this category include administrative analyst, business analyst, employment programs analyst, leadership development manager, management analyst, management consultant, organizational development consultant, principal consultant, program management analyst, and quality control analyst. Operations research analysts formulate and apply mathematical modeling and other optimizing methods to develop and interpret information that helps management with decision-making, policy formulation, and other functions. These workers may collect and analyze data, as well as develop decision-support software, services, or products. They may also develop plans to optimize the time and cost for a logistics network. Job titles in this category include analytical strategist, business analytics director, business insight and analytics manager, decision analyst, operations research analyst, operations research group manager, operations research manager, and scientist. Production, planning, and expediting clerks coordinate and expedite the flow of work and materials within or between departments of an establishment according to a production schedule. Duties include reviewing and distributing production, work, and shipment schedules; conferring with department supervisors to determine progress of work and completion dates; and compiling reports on progress of work, inventory levels, costs, and production problems. Job titles in this category include master scheduler, material coordinator, materials planner, planner, production assistant, production clerk, production controller, production planner, production scheduler, and scheduler. Cargo and freight agents expedite and route incoming and outgoing cargo and freight shipments in airline, train, and trucking terminals and on shipping docks. These workers take orders from customers and arrange pickup of freight and cargo for delivery to the loading platform. They also prepare and examine bills of lading to determine shipping charges and tariffs. Job titles in this category include cargo agent, documentation clerk, drop shipment clerk, freight broker, intermodal dispatcher, international coordinator, load planner, logistics coordinator, logistics service representative, expeditor, and operations manager. Engineers Industrial engineers design, develop, test, and evaluate integrated systems for managing industrial production processes, including human work factors, quality control, inventory control, logistics and material flow, cost analysis, and production coordination. Job titles in this category include engineer, engineering manager, industrial engineer, manufacturing specialist, operations engineer, plant engineer, process engineer, production engineer, supply chain engineer, and tool engineer. Logistics engineers design or analyze operational solutions for projects such as transportation optimization, network modeling, process and methods analysis, cost containment, capacity enhancement, routing and shipment optimization, and information management. Job titles in this category include logistics engineer, reliability engineer, and systems engineer. Manufacturing engineers design, integrate, and/or improve manufacturing systems or related processes. These workers may work with commercial or industrial designers to refine product designs in a way that increases productivity and decreases costs. Job titles in this category include advanced manufacturing engineer, advanced manufacturing vice president, facility engineer, manufacturing director, manufacturing engineer, manufacturing engineering director, manufacturing engineering manager, plant engineer, process engineer, and process improvement engineer. Robotics engineers research, design, develop, or test robotic applications. Job titles in this category include associate professor of automation, automation engineer, engineer, and plant floor automation manager. Supervisors First-line supervisors of production and operating workers directly supervise and coordinate the activities of production and operating workers such as inspectors, precision workers, machine setters and operators, assemblers, fabricators, and plant and system operators. Job titles in this category include assembly supervisor, department manager, manufacturing supervisor, molding supervisor, production manager, production supervisor, quality assurance supervisor, shift supervisor, supervisor, and team leader. Dispatchers schedule and dispatch workers, work crews, equipment, or service vehicles for conveyance of materials, freight, or passengers, or for normal installation, service, or emergency repairs rendered outside the place of business. Duties may include using a radio, telephone, or computer to transmit assignments, as well as compiling statistics and reports on work progress. Job titles in this category include aircraft dispatcher, city dispatcher, dispatch manager, dispatcher, operations dispatcher, rail operations controller, train dispatcher, and truck dispatcher. Loss prevention managers plan and direct policies, procedures, or systems to prevent the loss of assets. These workers try to protect the supply chain from theft by determining risk exposure or potential liability and then developing risk control measures. Job titles in this category include loss prevention manager, logistics loss prevention manager, loss prevention operations manager, manager of loss prevention operations, and market asset and protection manager. Managers Supply chain managers direct or coordinate production, purchasing, warehousing, distribution, or financial forecasting services and activities to limit costs and improve accuracy, customer service, or safety. These workers analyze procedures and identify opportunities for streamlining activities to meet product distribution needs, as well as direct the movement, storage, or processing of inventory. (In other words, they focus on process improvement.) Job titles in this category include global supply chain director, supply chain director, supply chain manager, and supply chain vice president. Transportation managers plan, direct, or coordinate the transportation operations within an organization or the activities of organizations that provide transportation services. Job titles in this category include director of operations, fleet manager, freight coordinator, global transportation manager, traffic manager, train operations manager, trainmaster, transportation director, transportation manager, and transportation supervisor. Storage and distribution managers plan, direct, or coordinate the storage or distribution operations within an organization or the activities of organizations that store or distribute materials or products. Job titles in this category include cold-storage supervisor, customer service manager, distribution center manager, distribution manager, distribution operation manager, load-out supervisor, shipping manager, shipping supervisor, stores supervisor, and warehouse manager. Logistics managers plan, direct, or coordinate purchasing, warehousing, distribution, forecasting, customer service, or planning services. These workers manage logistics personnel and logistics systems, as well as direct daily operations. Job titles in this category include global logistics manager, integrated logistics programs director, logistics manager, logistics solution manager, and supply chain logistics manager. Logisticians analyze and coordinate the logistical functions of a firm or organization. These workers are responsible for the entire life cycle of a product, including acquisition, distribution, internal allocation, delivery, and final disposal of resources. Job titles in this category include client services administrator, logistician, logistics director, logistics team lead, logistics vice president, operations vice president, production planner, program manager, supervisory supply management specialist, and supportability engineer. Purchasing managers plan, direct, or coordinate the activities of buyers, purchasing officers, and related workers involved in purchasing materials, products, and services. Job titles in this category include commodity manager, director of materials, director of purchasing, director of strategic sourcing, materials manager, procurement manager, procurement officer, purchasing director, purchasing manager, purchasing supervisor, wholesale or retail trade merchandising manager, and procurement manager. General and operations managers plan, direct, or coordinate the operations of public or private-sector organizations. Duties and responsibilities include formulating policies, managing daily operations, and planning the use of materials and human resources. Job titles in this category include business manager, facility manager, general manager, operations director, operations manager, plant manager, plant superintendent, production manager, and store manager. Sales representatives Information technology managers IT project managers plan, initiate, and manage IT projects. These workers lead and guide the work of technical staff, and serve as liaisons between the business and technical aspects of projects. They also plan project stages; assess business implications for each stage; and monitor progress to ensure that deadlines, standards, and cost targets are met. Job titles in this category include IT manager, IT project manager, program manager, project manager, team coach, project leader, team leader, technical project lead, project management office (PMO) leader, and transition manager. Software developers research, design, develop, and test operating-system software, compilers, and network distribution software for industrial, business, and general computing applications. These workers set operational specifications and formulate and analyze software requirements; they may design embedded systems software. They also apply principles and techniques of computer science, engineering, and mathematical analysis. Job titles in this category include developer, infrastructure engineer, network engineer, publishing systems analyst, senior software engineer, software architect, software developer, software engineer, systems coordinator, and systems engineer. Computer and information systems managers plan, direct, or coordinate activities in such fields as electronic data processing, information systems, systems analysis, and computer programming. Job titles in this category include application development director, computing services director, data processing manager, information systems director, information systems manager, information systems supervisor, information technology director, IT manager, management information systems director, and technical services manager. Project managers Executives Three other important job categories are also important: Journalists Educators Vocational education teachers teach or instruct vocational or occupational subjects at the postsecondary level (but at less than baccalaureate level) to students who have graduated from or left high school. These workers include correspondence-school, industrial, and commercial instructors, as well as adult-education teachers and instructors who prepare people to operate industrial, transportation, and communications equipment. Jobs may be in public or private schools or in organizations engaged in a primary business other than education. Job titles in this category include mentor, coach, instructor, professor, adjunct professor, and teacher. Career/technical education teachers teach occupational, career and technical, or vocational subjects at the secondary-school level in public or private schools. Job titles in this category include business education teacher, instructor, marketing education teacher, and technology education teacher. Business teachers teach courses in business administration and management, such as accounting, finance, human resources, labor and industrial relations, marketing, and operations research. These workers includes teachers who are primarily engaged in teaching and those who do a combination of teaching and research. Job titles in this category include associate professor, business administration professor, business instructor, business office technology instructor, business professor, faculty member, instructor, management professor, marketing professor, and professor. Humanitarian supply chain professionals You can think of these job categories in terms of the framework in the following figure. In general, the higher you go on this chart, the more money you’ll be paid but the fewer job openings you’re likely to find. The use of the words logistics, purchasing, or operations is a clear sign of a supply chain job.

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Operations Supply Chain Analytics: Correlation, Causation, and Interpolation

Article / Updated 03-25-2021

Three words — correlation, causation, and interpolation — are key to almost everything that happens in supply chain analytics. If you understand what they mean and how to use them, the rest of analytics is a breeze. Correlation and causation are closely related. Correlation means that two variables are connected in some way. Causation means that one variable causes another to occur. The fact that two variables are correlated doesn’t necessarily mean that one causes the other to occur. The correlation could be a coincidence, or some other factor may cause both variables to change. Sales of ice cream and sunblock lotion may be closely correlated, for example, but one variable doesn’t cause the other. Both are affected by the season and weather. Generally, the business questions that you ask should be based on trying to understand causation (such as “Does increasing the amount we spend on marketing lead to an increase in sales?”). You usually answer these questions by looking for correlations. The data can’t tell you for certain that advertising was the only reason for the increase in sales, but it can show whether sales tend to go up when you advertise more. Each piece of data that you collect from your supply chain can be plotted as a point on a graph. The amount of product that you sold on a particular day could be a point on a graph. When you plot several pieces of data, such as sales on different days, you end up with multiple points on the graph. To do analysis and look for trends in data, however, you may need to see the data as a line. That is, you collected point data, but you need to convert this data to continuous data to do some kinds of analysis. Many times, you can create a line that does a good job of averaging or approximating the point data. The process of converting point data to a line is called linear interpolation. This figure shows how linear interpolation can turn points into a line that reveals trends in data. In this example, the upward trend in sales would be hard to see with just the raw data points, but it’s clear when you look at the trend of the line. Interpolation is commonly used in forecasting. You can create a line based on the data points from the past and then extend that line into the future to create a forecast. Spreadsheet applications, such as Microsoft Excel, can do interpolations automatically. In Excel, you can add interpolations to a chart by using the trend-line feature. If you want to calculate an interpolation within a cell on an Excel spreadsheet, you can use the FORECAST function. Another way to analyze data is a mathematical process called nonlinear interpolation. Excel’s data visualization tool includes several trend-line options that perform nonlinear interpolation. Correlations are easy to see on a graph, but they can be calculated mathematically as well. Correlations can be positive, negative, or zero. When two things are perfectly and positively correlated, their correlation coefficient is +1.0. The following figure shows two variables that have a positive correlation. In this example, increasing the amount of money spent on advertising coincides, or correlates, with an increase in revenue. When one thing goes up while another thing goes down, their correlation coefficient is –1.0. The following figure shows an example of negative correlation in which lowering the price correlates to an increase in the number of units sold. If no correlation exists between two things — they’re totally independent — their correlation is 0. The following figure shows two variables that appear to have a correlation of 0. When the correlation between two variables is very low or close to 0, those variables are unrelated. In real-world analytics problems, you rarely find correlations that are exactly 1.0, 0.0, or –1.0. As a result, it isn’t always easy to tell whether the data supports your theory. Deciding what level of correlation is considered to be significant or meaningful is a frequent topic of debate among analysts. Deciding whether a correlation is significant depends on the question you’re asking, the data you’re using, and the approach you use to ask the question. You also have to consider confidence (how important is it to be right). There’s a big difference between needing to be 80 percent confident and 99 percent confident. Many times, the best approach is simply to ask a team of supply chain analysts or statisticians what they think the level of significance should be. Seeing that two things are correlated is a useful insight that can help you identify ways to improve your supply chain, even if you can’t claim a high degree of confidence or prove that one caused the other.

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