Compendium admissions 2023-25

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4 V’s of Operations
The 4 V’s of Operations Management are - Volume, Variety, Variability, and Visibility. Any process can be categorized based on these criteria. E.g., Whereas fast food joints deal with large volumes, luxury car producers like Rolls Royce deals with low volume. Again, most service industries, like restaurants, typically have greater visibility than consumer goods industries.
SUPPLY CHAIN MANAGEMENT
Supply chain management is the management of the flow of goods and services that involves the movement and storage of raw materials, work-in-process inventory, and finished goods from the point of origin to the point of consumption.
SCM is also called the art of management of providing the right product at the right time, place, and cost to the customer.
Supply Chain Strategies
1. Push Strategy: Push strategy relies on modeling customer demand forecasts and pushing as many goods onto the market as possible. The companies foresee the demand long before it arrives and plan production and inventory to meet their needs. For example, winter clothing reaches the retailers at the end of summer so that new stock is in the shop as soon as winters arrive.

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2. Pull Strategy: Pull Policy is based on customer orders. It helps the company generate the number of required items. In business, production and distribution depend on demand. An example of a pull strategy is McDonald's, where they prepare burgers after receiving an order. Trends Shaping the Future of Supply Chain Management
• Artificial Intelligence and Automation

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• Increased Focus on Sustainability
• Customization
• The Internet of Things
• Digitization
• Risk Management and Resiliency
• Increased Visibility
• Circular Supply Chain Read more here

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