Monitoring Outcomes and Supply Chain
Not what you're looking for?
As part of the educational process of the production team, it is important for them to understand the importance of monitoring outcomes and initiating corrective action before sending inferior products to the market. Complete the following:
Why is it important to monitor outcomes and initiate corrective action?
What problems can arise with supply-chain partners if monitoring is not done?
Research different types of methods for monitoring outcomes to initiate correct action.
Discuss the importance of monitoring outcomes.
Discuss the problems that can arise with supply-chain partners as a result of not monitoring outcomes.
Purchase this Solution
Solution Summary
In this problem solution we review a few real world events and discuss the importance of risk management.
Solution Preview
1. Why is it important to monitor outcomes and initiate corrective action?
Monitoring outcomes is relatively associated with risk management. Before implementing a product into the marketplace, leaders are required to evaluate potential threats in the marketplace, which can range from the inclusion of competitive forces, which causes an organization to rethink their strategy or reposition their competitive structure to realign itself with the competition.
The purpose of risk management is to reduce the likelihood of potential liability. One example of the consequences of neglecting to monitor outcomes is the recent events surrounding the GM debacle in which GM manufacturers failed to monitor the risks associated with Saturn ION's, Chevy Cobalt, and several other vehicles. Apparently, the cars aforementioned were defective and contributed to putting drivers lives in danger. Consumers complained of power steering issues. Imagine driving your car and losing control of the steering wheel, which thrusts you into oncoming traffic (Associated Press, 2014). This is the reality of one of many complaints from drivers. Instead of running comprehensive tests on various vehicles, GM determined the vehicles are ready for mass public consumption. The GM outcome is the worst-case scenario because the organization endures public ridicule and scrutiny, possible class action lawsuits, loss of revenue, and loss of credibility.
2. What problems can arise with supply-chain partners if monitoring is not done?
If organizations neglect to monitor outcomes or progress, there is a possibility of succumbing to massive inventory control issues. For instance, there is a potential to have more inventory on hand than what is distributed to consumers. Low demand and high supply is problematic for most organizations and quite costly. As a result, ...
Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Income Streams
In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.