1.1 Discussion Assignment (3)
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School
Indiana Wesleyan University, Marion *
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Course
PSY-305
Subject
Industrial Engineering
Date
Apr 3, 2024
Type
docx
Pages
4
Uploaded by ProfComputer16237
1.1 Discussion Assignment
Ricardo Castro
Bellevue University
SCLM329: Fiscal Management of Supply Chain Management
Brian Bonifant
2/23/24
What types of devices, tools, and/or software are used to collect, analyze, and manage data?
Provide examples from your company
The company I work for uses several tools to manage data necessary to the continuous flow of production and supplies throughout the supply chain. One of our tools is software designed to measure the production of an associate while maintaining the safety standards set forth by the organization. Although merchandise moving along the supply chain makes a huge part of the money flow throughout the chain, the product cannot be moved without the associates
that load and unload the merchandise. This is why the company has invested in maintaining the safety standards while allowing associates to reach 100% production rates in their respective departments. Through observations, coaching, and even retraining associates are encouraged to meet their production rates, while observing safety as the superseding element. This allows for less injuries, which reduces associates taking time off, while meeting customer demand as well. Given the abundance and wide array of data and information being collected by
innumerable tracking devices, many activities can be measured; but what makes a measure
truly valuable for an organization?
Data that is founded to be of accurate research. Often, data collected can involve different
variables that get processed into the research data, which can result in a false outcome. This can be seen with qualitative and quantitative data analysis, differentiating between measured research, and requested opinions can appear the same when the information is being presented towards the question regarding popular opinion.
Do you think there is such a thing as a perfect measure of a business activity why? Or why not?
I do not believe there can be a perfect measure of a business activity solely because everything in and around a business is constantly changing. Within a business you have associates, machinery, leadership, vendors, and suppliers all of which have their own changes occurring in their respective organizations. Also, when it comes to outside of the organization we have the economy, competitive markets, customers, and once again vendors and suppliers. There are too many changing parts in and out of an organization to claim there to be a perfect measurement, one can measure as close to perfect as possible, however there will always be constant variable changes occurring that will throw data research off by fractions of a percentage point to hundreds of a numerical difference. What is important is keeping up with the constant changes and attempting to forecast the outcome to stay as close to the prediction that if the data is off, the deviation should be manageable to correct or should not severely impact the organization fiscally.
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References
Fraser, L. M., & Ormiston, A. (2024). Understanding financial statements
. Pearson.
For additional information on APA Style formatting, please consult the APA Style Manual, 7th Edition
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