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In this chapter, the following content will be discussed: Global company profile: darden restaurants, the supply chain’s strategic importance, sourcing issues: make-or-buy vs. outsourcing, six sourcing strategies, supply chain risk, managing the integrated supply chain, building the supply base, logistics management, distribution management,…
LECTURE 15 LSM733-PRODUCTION OPERATIONS MANAGEMENT By: OSMAN BIN SAIF Summary of last Session ỵ ỵ ỵ Global Company Profile: Rusty Wallace’s NASCAR Racing Team Human Resource Strategy For Competitive Advantage ỵ ỵ Constraints on Human Resource Strategy Labor Planning þ þ þ Employment-Stability Policies Work Schedules Job Classifications and Work Rules Summary of last Session (Contd.) ỵ Job Design ỵ ỵ ỵ ỵ ỵ Labor Specialization Job Expansion Psychological Components of Job Design Self-Directed Teams Motivation and Incentive Systems Summary of last Session (Contd.) ỵ ỵ ỵ þ þ Ergonomics and Work Methods Methods Analysis The Visual Workplace Ethics and the Work Environment Labor Standards Agenda for this Session ► Global Company Profile: Darden Restaurants ► The Supply Chain’s Strategic Importance Sourcing Issues: Make-or-Buy vs Outsourcing Six Sourcing Strategies ► ► Agenda for this Session (Contd.) ► Supply Chain Risk ► Managing the Integrated Supply Chain ► Building the Supply Base ► Logistics Management ► Distribution Management Agenda for this Session (Contd.) ► Ethics and Sustainable Supply Chain Management ► Measuring Supply Chain Performance Chapter : Supply Chain Management Darden’s Supply Chain ► ► ► ► Largest publicly traded casual dining company in the world Serves over 400 million meals annually in more than 1,900 restaurants in the US and Canada Annual sales of flagship brands totals $6 billion Operations is the strategy © 2014 Pearson Education, Inc Darden’s Supply Chain ▶ ▶ ▶ ▶ Sources food from five continents and thousands of suppliers Four distinct supply chains Over $2 billion spent annually in supply chains Competitive advantage achieved through superior supply chain © 2014 Pearson Education, Inc 10 Cost of Shipping Alternatives u u u Product in transit is a form of inventory and has a carrying cost Faster shipping is generally more expensive than slower shipping We can evaluate the two costs to better understand the trade-off 54 Cost of Shipping Alternatives Value of connectors = $1,750.00 Holding cost = 40% per year Second carrier is day faster and $20 more expensive Daily cost of holding = product Annual holding cost x Product value /365 = (.40 x $1,750)/ 365 = $1.92 Since it costs less to hold the product one day longer than it does for the faster shipping ($1.92 < $20), we should use the cheaper, slower shipper 55 Security and JIT u u u Borders are becoming more open in the U.S and around the world Monitoring and controlling stock moving through supply chains is more important than ever New technologies are being developed to allow close monitoring of location, storage conditions, and movement 56 Measuring Supply-Chain Performance u Assets committed to inventory Percent invested in inventory = Total inventory investment Total assets x 100 Investment in inventory = $11.4 billion Total assets = $44.4 billion Percent invested in inventory = (11.4/44.4) x 100 = 25.7% 57 Measuring Supply-Chain Performance Inventory as a % of Total Assets (with exceptional performance) Manufacturing (Toyota 5%) Wholesale (Coca-Cola 2.9%) Restaurants (McDonald’s 05%) Retail (Home Depot 25.7%) 15% 34% 2.9% 27% Table 11.7 58 Measuring Supply-Chain Performance u Inventory turnover Inventory turnover Cost of goods sold = Inventory investment 59 Measuring Supply-Chain Performance Examples of Annual Inventory Turnover Food, Beverage, RetailManufacturing Anheuser Busch 15 Dell Computer Coca-Cola 14 Johnson Controls Home Depot Toyota (overall) McDonald’s 112 Nissan (assembly) 90 22 13 150 Table 11.8 60 Measuring Supply-Chain Performance u Inventory turnover Net revenue Cost of goods sold Inventory: Raw material inventory Work-in-process inventory Finished goods inventory Total inventory investment $32.5 $14.2 $.74 $.11 $.84 $1.69 61 Measuring Supply-Chain Performance u Inventory turnover Net revenue $32.5 Cost of goods sold Cost of goods sold $14.2 Inventory turnover = Inventory investment Inventory: Raw material inventory $.74 Work-in-process inventory $.11 8.4 Finished goods inventory = 14.2 / 1.69 = $.84 Total inventory investment $1.69 62 Measuring Supply-Chain Performance u Inventory turnover Net revenue $32.5 Cost of goods sold Cost of goods sold $14.2 Average weekly cost of Inventory turnover = Inventory Inventory: = $14.2 /investment 52 = $.273 goods sold Raw material inventory $.74 Work-in-process inventory $.11 / 1.69 = investment 8.4 Inventory Finished goods inventory = 14.2 $.84 of supply = TotalWeeks inventory investment $1.69 Average weekly cost of goods sold = 1.69 / 273 = 6.19 weeks 63 The SCOR Model • Processes, metrics and best practices Plan: Demand/Supply planning and Management Source: Identify, select, manage, and assess sources Return: Raw material Make: Manage production execution, testing and packaging Deliver: Invoice, warehouse, transport and install Return: Finished goods 64 Figure 11.3 Summary of this Session ► Global Company Profile: Darden Restaurants ► The Supply Chain’s Strategic Importance Sourcing Issues: Make-or-Buy vs Outsourcing Six Sourcing Strategies ► ► 65 Summary of this Session (Contd.) ► Supply Chain Risk ► Managing the Integrated Supply Chain ► Building the Supply Base ► Logistics Management ► Distribution Management 66 Summary of this Session (Contd.) ► Ethics and Sustainable Supply Chain Management ► Measuring Supply Chain Performance 67 THANK YOU 68 ... Negotiations u u u Cost-Based Price Model - supplier opens books to purchaser Market-Based Price Model - price based on published, auction, or indexed price Competitive Bidding - used for infrequent... Petroleum Transportation % Purchased 52 67 60 61 55 79 62 Table 11.3 23 Make-or-Buy Decisions • Choice between internal production and external sources 24 Outsourcing u u u Transfers traditional... Training Engineering and production help Establish policies and procedures 45 Vendor Evaluation Weights Scores ( 1-5 ) Weight x Score Engineering/research/innovation skills 20 1.0 Production process