-
Gavin Walton
- August 6, 2024
So boys and girls, buckle up, it’s time to enter the world of supply chains, where the trick of moving products from one place to another occurs. If you are here then it means that you are preparing to face the Study.com Business 315: Logistics & Supply Chain Management course. From beginning learners to the ones returning to logistics, this course will provide the basic knowledge of supply chains and their operation as well as their significance and management.
This course takes you through the historical backgrounds of supply chains, the minute details of logistics, and the tactical factors behind the function of supply chain management. Not only goods are being transported, but to where, how, and if it is to everyone’s benefit to make that transport happen in its most effective and environmentally friendly manner possible. Ready to dive in? Here is a breakdown of what you will need to know and some tips that would help you pass that final proctored exam.
---
What You’ll Learn in Business 315📖
Embarking on the Study.com Business 315: Logistics & Supply Chain Management course is like getting a glimpse of an accurately managed maze of business aspects. The following are the topics that are being covered in this course; it’s important to realize that each of these topics is critical for grasping the complete supply chain management process from initiation to completion. Therefore, one may wonder what you are going to immerse yourself in.
First, the History of Operations & Supply Chain Management will be introduced. Clearly, this is not just an ordinary timeline; it is a way of grasping significant inventions that heralded change in the field. For instance, Henry Ford in the automobile industry introduced the assembly line ways which revolutionized the general ways of production and was the key reason why the costs of production were slashed. You will also get to know about the evolution process of ocean shipping containers by Malcolm McLean in the 1950s, this discovery enabled the standardization of international trade shipping making the process more efficient. EDI which started earlier in the 1960s could be considered as the initial stage of supply chain management with the help of computer technology and aiming at the improvement of communication and data exchange between businesses.
Subsequently, you are going to come across the Decision-Making Process in Supply Chain Management. This section is very important because the process by which managers make key managerial decisions affecting the supply chain network is described. You will get to know about tools of decision making including a decision-making tree, pay-back analysis, and simulations which assist us in valuing many prospective courses of action and selecting the most advisable one. As for theoretical knowledge, the concepts of Six Sigma intended to minimize flaws and increase the quality of outcomes are also examined in great detail. The knowledge of these ideas is crucial since they are frequently included in the final exam.
You will also be introduced to Quality in Operations & Supply Chains. This entails the assessment of the quality of products and services, comprehending total quality management, and learning about the key movable items such as W. Edwards Deming, Joseph Juran, and Philip Crosby. Key principles include :
- Customer focus
- Continuous improvement
- Employee involvement
As you progress, you’ll explore International Supply Chain Procurement & Distribution. This section will expose you to the complexities of global supply chains, procurement processes, and the impact of technology on outsourcing and insourcing. You’ll learn about:
- Reverse auctions: Suppliers compete to offer the lowest price.
- Vendor-managed inventory: Streamlines operations but requires robust communication.
- Distribution outsourcing: Pros and cons of using third-party logistics providers.
The course also tackles Inventory Management, where you’ll understand various inventory systems, the impact of inventory decisions on the supply chain, and the integration of supply chain technologies. You’ll study:
- Economic order quantity (EOQ)
- Continuous and periodic review systems
- Inventory valuation methods: FIFO, LIFO, and weighted average.
Lastly, the performance measurement and analysis of supply chains is delivered as the final course. Here, and here only, you will be introduced to such indicators as KPI, variability of the processes, ways of inventory valuation, and PIV. It is crucial to understand what performance indicates and how it might be measured and analyzed to be able to identify the deficiencies and make proper decisions concerning the enhancement of supply chain performance. Once completed in this course, you’ll be adequately armed with knowledge in logistics and supply chain management to overcome any existing or future issues therein.
Ready to dive in? Let’s move on to a week-by-week study plan to ensure you ace this course!
Weekly Study Strategies for Business 315 📝
To support your success in Study.com Business 315: Logistics & Supply Chain Management, below is the weekly guide to the course. If you follow this guide the final proctored exam will not pose a major challenge to you.
Week 1: Introduction to Supply Chain Management
- Topics: History of Operations & Supply Chain Management, Benefits & Best Practices, Supply Chain Integration
- Tasks:
- Watch video lessons for Chapter 1.
- Take notes on key innovations like Henry Ford’s assembly line.
- Complete quizzes to reinforce your understanding.
- External Resource: YouTube Video on Supply Chain Basics
Week 2: Decision-Making Process of Supply Chain Management
- Topics: Decision Making for Managers, Strategic Decisions, Quantitative Decision-Making Tools
- Tasks:
- Watch video lessons for Chapter 2.
- Practice using decision trees and payback analysis.
- Complete the chapter quizzes.
- External Resource: Quizlet Flashcards on Decision-Making Tools
Week 3: Quality in Operations & Supply Chains
- Topics: Product Quality, Service Quality Dimensions, Total Quality Management
- Tasks:
- Watch video lessons for Chapter 3.
- Learn about TQM principles and key contributors like Deming, Juran, and Crosby.
- Complete quizzes and review feedback.
- External Resource: YouTube Playlist on Total Quality Management
Week 4: Overview of Supply Chain Strategy & Design
- Topics: Supply Chain Management Goals, Managing Uncertainty, Risk Pooling
- Tasks:
- Watch video lessons for Chapter 4.
- Understand the bullwhip effect and strategies to manage it.
- Take chapter quizzes and review your answers.
- External Resource: Article on Supply Chain Risk Management
Week 5: International Supply Chain Procurement & Distribution
- Topics: Procurement Processes, Outsourcing & Insourcing, Reverse Auctions
- Tasks:
- Watch video lessons for Chapter 5.
- Study the impact of globalization on supply chains.
- Complete quizzes and use them to identify areas for review.
- External Resource: YouTube Video on International Logistics
Week 6: Inventory Management
- Topics: Inventory Management Systems, Inventory Control, Inventory Decisions
- Tasks:
- Watch video lessons for Chapter 6.
- Learn about economic order quantity and inventory valuation methods.
- Complete quizzes and review key concepts.
- External Resource: Quizlet Flashcards on Inventory Management
Week 7: Sustainability & Lean Management Systems in SCM
- Topics: Supply Chain Sustainability, Just-In-Time Inventory, Lean Organizational Structures
- Tasks:
- Watch video lessons for Chapter 7.
- Study the 5S approach to waste elimination.
- Complete quizzes and review your notes.
- External Resource: YouTube Video on Lean Management
Week 8: Product Distribution for SCM
- Topics: Order Penetration Point, Marketing Channels, International Logistics
- Tasks:
- Watch video lessons for Chapter 8.
- Understand different distribution strategies and their applications.
- Complete quizzes and ensure you understand key concepts.
- External Resource: YouTube Video on Product Distribution
Week 9: Measuring & Analyzing the Performance of Supply Chains
- Topics: Operational Performance Metrics, Process Variability, Key Performance Indicators
- Tasks:
- Watch video lessons for Chapter 9.
- Study different performance metrics and their importance.
- Complete final chapter quizzes and review all previous lessons.
- External Resource: Article on Performance Metrics
By following this plan you will take a metrical approach towards the completion of all course materials as well as firm up knowledge that will prepare you for the final examination. Good luck!
---
The Ultimate List of Free Business 315 Resources📂
In addition to your studying material provided by study.com, you will need to have access to additional resources to complement your studies. Following are some of the rich free resources available online for Business 315: Logistics & Supply Chain Management course. They shall assist you in grasping information and contents that you may find challenging to grasp and offer you a different angle on the materials that have been covered in a course.
YouTube Channels and Playlists
Supply Chain Management by MIT:
- Supply Chain Management by MIT – This playlist from MIT provides comprehensive lectures on supply chain management, covering everything from basic concepts to advanced strategies.
Supply Chain 101:
- Supply Chain 101 – This playlist offers an introduction to supply chain management concepts, ideal for beginners who need to understand the fundamentals.
Total Quality Management Playlist:
- Total Quality Management Playlist – A series of videos explaining the principles and practices of Total Quality Management (TQM), including contributions from key figures like Deming, Juran, and Crosby.
Lean Management Principles:
- Lean Management Principles – This playlist covers the basics of lean management, focusing on waste elimination, continuous improvement, and value stream mapping.
Just-In-Time (JIT) Inventory:
- Just-In-Time (JIT) Inventory – Learn about JIT inventory systems, their advantages, risks, and how they can be implemented in various industries.
International Logistics and Supply Chain Management:
- International Logistics and Supply Chain Management – This playlist covers the complexities of international logistics, including transportation, distribution, and regulatory considerations.
Interactive Learning Tools
Khan Academy:
- Supply Chain and Logistics on Khan Academy – A comprehensive video explaining supply chain and logistics concepts in an easy-to-understand format.
Coursera (Free Courses):
- Supply Chain Management Specialization on Coursera – A series of free online courses offering in-depth knowledge on various aspects of supply chain management, provided by top universities.
These resources should assist in consolidated learning and additional understanding of the different concepts explained in the course. If you fully utilize these tools then you will be a lot less stressed when it comes to studying for your final exam.
---
Major Themes to Focus on in Business 315 🔑
To help you understand the complex key concepts of the Study.com Business 315: Logistics & Supply Chain Management course, let’s break down four crucial areas. These explanations, comparisons, and real-world examples should make these topics easier to grasp.
- Supply Chain Integration
Definition: Supply chain integration involves aligning and coordinating all elements of the supply chain, from suppliers to customers.
- Vertical Integration: When a company owns its supply chain.
- Advantages: Improved inventory management, known costs, guaranteed customers.
- Disadvantages: Set prices, limited customers.
|
Vertical Integration
|
Non-Integrated Supply Chain
|
|---|---|
|
Company-owned supply chain
|
Independently owned supply chain stages
|
|
Better control over quality and costs
|
Potentially lower initial investment
|
|
More predictable supply and demand
|
More flexibility in changing suppliers
|
Example: Tesla’s vertical integration includes owning its battery manufacturing.
- Bullwhip Effect
Definition: The bullwhip effect occurs when small fluctuations in consumer demand cause larger variations in orders placed upstream in the supply chain.
- Causes: Errors in forecasting, human behavior, and communication breakdowns.
- Consequences: Excess inventory, increased costs, and inefficiencies.
|
Causes
|
Effects
|
|---|---|
|
Forecast errors
|
Excess inventory
|
|
Poor communication
|
Increased costs
|
|
Order batching
|
Production inefficiencies
|
Example: During the COVID-19 pandemic, panic buying of toilet paper led to significant supply chain disruptions due to the bullwhip effect.
- Total Quality Management (TQM)
Definition: TQM is a management approach focused on long-term success through customer satisfaction.
- Principles: Customer focus, continuous improvement, employee involvement.
- Key Figures: W. Edwards Deming, Joseph Juran, Philip Crosby.
|
Principle
|
Key Figure
|
Contribution
|
|---|---|---|
|
Continuous improvement
|
Deming
|
14 Points for Management
|
|
Quality planning
|
Juran
|
Juran's Trilogy
|
|
Zero defects
|
Crosby
|
Four Absolutes of Quality
|
Example: Toyota’s implementation of TQM led to the development of the Toyota Production System, which emphasizes quality and efficiency.
- Inventory Valuation Methods
Definition: Methods used to assign costs to inventory and cost of goods sold.
- FIFO (First-In, First-Out): Oldest inventory items are sold first.
- LIFO (Last-In, First-Out): Most recent inventory items are sold first.
- Weighted Average: Costs are averaged over the period.
|
Method
|
Description
|
Advantage
|
Disadvantage
|
|---|---|---|---|
|
FIFO
|
Oldest items sold first
|
Reflects actual flow of goods
|
Higher taxes in inflationary times
|
|
LIFO
|
Newest items sold first
|
Lower taxes in inflationary times
|
May not reflect the actual flow
|
|
Weighted Average
|
Average cost per unit
|
Simplifies accounting
|
Can obscure cost trends
|
Example: Supermarkets typically use FIFO to ensure that older products are sold first, reducing spoilage and waste.
In addition to helping you pass your exams, which is of course important, by grasping these ideas you can also get actual information to use in the management of the supply chain in any organization. Keep these comparisons and examples in mind as you study!
---
All Your Business 315 Questions Explained❓
Before going to the Study.com Business 315: Logistics & Supply Chain Management course, you might have some questions. Below are answers to some common questions that might clear any confusion that you may have.
Q: What is the main goal of this course?
- A: The subject deals with the functions, roles, and significance of supply chain management and the planning of logistics. You will get to know how organizations control the flow of goods and services, decision-making, quality management of the inventory, and many other issues.
Q: How are the grades calculated?
- A: Your grade is out of 300 total points and is based upon 3 parts of the course:
- Quizzes: 100 points
- Assignment: 100 points
- Proctored Final Exam: 100 points
- To earn college credit and pass the course you have to pass the required 70% which is equivalent to 210 points.
Q: May I know if it is allowed to retake the final exams?
- A: Yes you can, in fact, take each quiz three times and the highest score is the one that you will be held to. It is however allowed for the final exam, one is allowed to take it twice in case he/she was dissatisfied with the first score but there is a 3-day break between the two attempts.
Q: What items are allowed during the proctored final exam?
- A: You’re allowed to use blank scratch paper and a pen or pencil. Office programs, web browsers, textbooks, mobile phones, and calculators are not permitted.
Q: What are the key topics heavily tested in the exam?
- A: The final exam will heavily test your understanding of supply chain management principles, decision-making tools, quality management, and inventory control systems. Focus on chapters covering these topics and make sure to review the key concepts outlined earlier in this guide.
Q: Does this course have any prerequisites?
- A: No, when it comes to education there are no set precedents that one needs to fulfill before obtaining the design. Nonetheless, one can take and benefit from the basic business courses such as Business 101: Principles of Management, and Business 112: Operations Management.
---
Final Thoughts on Excelling in Business 315📄
Completing Study.com Business 315: Logistics & Supply Chain Management as an advanced course can be said to be one way of mastering the various challenges in the supply chain. The fundamental reason why this course is useful is that it introduces you to how products and services reach customers, why the quality of these products and services is critical, and a detailed concept of how to manage inventories. Thus, if you stick to the weekly study schedule, use extra materials, and highlight the key terms, you definitely are ready for the final proctored exam.
Please bear this in mind: This is not all just for the sake of passing an examination, it is for the purpose of enlightening yourself with knowledge that will be of benefit, in actual business environments. Persist with your learning, make good use of the supplementary material we were given and keep reviewing the difficult topics until you are clear about it.
Good luck, and happy studying! You’ve got this!
