Business Finance Homework Help

Chapter 7 is titled “Supplier Evaluation and Selection” and includes the following topics:

• The seven-step supplier selection process.
• Criteria to narrow the supplier pool.
• Learn about the resources available to identify suppliers.
• Understand the importance of supplier financial analysis.
• Understand how to develop a supplier evaluation scorecard.

Chapter 8 is titled “Supplier Quality Management” and includes the following topics:

• A working definition of supplier quality management.
• Principles of total quality management.
• Deming’s 14 points of quality.
• The Malcolm Baldrige national quality award.
• The elements of a supplier quality manual.

Wall Street Journal Article: “Best of CES 2021: The (Virtual) Tech Show’s Weirdest and Most Wondrous Gadgets,”  Link:  https://www.wsj.com/articles/best-of-ces-2021-the-virtual-tech-shows-weirdest-and-most-wondrous-gadgets-11610719200 (Links to an external site.)

Questions ———————————————————————–

1. New products and product concepts are announced each year at the Consumer Electronics Show (CES). New products often require new suppliers.  Please select one product from the Wall Street article to develop a weighted scorecard to evaluate new suppliers.  (See example in Exhibit 7.7 of the textbook).  What would be the top five categories of your scorecard, and how would they be weighted? Why?
2. Describe how an organization could use the 7-step supplier selection process (Exhibit 7.6) to identify and manage new suppliers for the product you selected in the previous question.
3. Deming identified 14 Principles of Total Quality Management. Which five principles of Total Quality Management would be most important for working with suppliers that provide components for the product you selected in the first question? Why?
4. Please provide an insightful question about the new gadgets in the Wall Street Article.

REPLY TO:
student #1

Daniel Baulisch

1. New products and product concepts are announced each year at the Consumer Electronics Show (CES). New products often require new suppliers. Please select one product from the Wall Street article to develop a weighted scorecard to evaluate new suppliers. (See example in Exhibit 7.7 of the textbook). What would be the top five categories of your scorecard, and how would they be weighted? Why?

Shower Power Water-Powered Speaker by Ampere

Financial Condition-10 I would weight it debt structure 5 and turnover ratios 5. With five being the highest. I believe the debt structure will be important with the current market being so shaky. Turnover ratios will be important as well and the system will need to be reviewed often.

Delivery Performance-14 Product innovation 4 process innovation 4 and research and development 5. Innovation is important with the green technology, the process is equality important, but research and development are the highest at 5. This product needs to be researched for longevity and tested under stress for capabilities.

Management Capability- 8 Management/labor relations 4 and Management Capability 4. The company will need to weight labor relations high. Current labor shortages are real and will be tough with a new product to produce. Getting the right managers in place to deliver a new product.

Quality Systems-16 Process Control Systems 4, total quality commitment 5 and parts per million defect performance 7. Quality will be very important and right in the middle except for defect performance. The less defects the better off you’ll be. We live in a social media world and if word gets out that your product is defective or has bad reviews it could go bad quick.

Information Systems Capability-7 EDI Capability 4 CAD/CAM 3- I work in systems so I believe ensuring software is capable and weighted as important to the company you can be successful.

1. Describe how an organization could use the 7-step supplier selection process (Exhibit 7.6) to identify and manage new suppliers for the product you selected in the previous question.

Ampere could develop their survey to understand their weighted score. This will help them understand what is important as they select a supplier. They can use their next steps, evaluate supplier directly and review evaluations results and make selection decisions, to confirm and select the supplier. Last, they could ensure they review their supplier’s performance. This is a continuous audit about how they are doing.

1. Deming identified 14 Principles of Total Quality Management. Which five principles of Total Quality Management would be moreimportant for working with suppliers that provide components for the product you selected in the first question? Why?

    1. Create a vision and demonstrate commitment- Without a plan Ampere can not succeed. They need to ensure they write that plan out and demonstrate with actions their commitment for long term growth and tenure for employees.

    2. Understand Inspection- Mitigating defects is a major way to ensure quality. Getting that number down to a minimum will keep your product in high regards with customers.

    3. Stop Making Decisions Purely on the basis of Price-Low prices help gain capital and help pay operating costs. However, the lowest bidder could prove to be the least promising to deliver the product.

    4. Encourage Education and Self-Improvement-I believe companies can allow their employees to work a job and then pursue higher education or self-improvement classes. The education will come a lot more natural to them if they have something to compare it to. Their management of product will only get better as they learn how to properly conduct business.

    5. Optimize the Efforts of Teams- Ampere can ensure they bring together good teams. They will need to look at their teams and how they can group the right people together who are willing to work together. Toxic groups can cause poor business decisions and inefficiency.

2. Please provide an insightful question about the new gadgets in the Wall Street Article.

From a consumer standpoint, which product would you think about buying?

student #2

Khalid Al Grammari

* 

The product that I would choose to represent would be the new flying taxi being developed by GM. Vehicle tech is a big sector when it comes to CES. New car features and displays are continuously being released every year. As a result, it is essential to segregate and understand the most wondrous of them all. The vehicle being developed can be flown by regular people: there are no qualifications. The speed is significantly high which increases its attraction and consequently demand. The top five categories for this particular product would be the information systems capability, the cost structure, the technical structure, the suppliers, and the delivery requirements. It is essential to note that the manufacture of this car is dependent on technology. As a result, the information systems and technical components should be the top priority. Another consideration is the suppliers; it is essential to note that it is not easy to source materials for this type of product. Therefore, the organization needs to give special consideration to the suppliers.

The seven-step supplier process can be used by organizations to identify manage their suppliers. First, the organization identifies supply evaluation strategies. Secondly, a weight is assigned to each assessment strategy developed. Thirdly, a scoring system is established for assessing supplier subcategories. All the other four steps follow the same criteria. These processes help in identifying the right suppliers for the organization. When it comes to managing them, the organization uses the evaluation strategies developed to improve its effectiveness.

Deming identified fourteen principles to be employed in total quality management. For working with suppliers, the principles identified could be employed. First, it is essential to introduce training at work for constant improvement. Secondly, eliminating barriers between departments to promote unity and cohesion would be beneficial. Thirdly, transformation and constant improvement are followed by adopting new policies. Lastly, eradicating pride when it came to workmanship and promoting productivity.

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