Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 7.3, Problem 2CC
What social and economic factors have prompted the rise in small business?
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Students have asked these similar questions
Being in the procurement team for one of the major automotive companies such as GM or Toyota.
How to Appraise the best strategy to source for microchips based on portfolio analysis. Give reasons to support in the context of the automotive industry.
Note: The procurement spend on microchips is a small fraction of the Bill Of Materials
(BOM) of an automobile.
One of the challenging issues in determining the appropriate sourcing strategy is whether a company should choose 'single sourcing (i.e. the company buys the entire item from one supplier)' or multiple sourcing (i.e. the company buys an item from more than one suppliers)'.
Using the five objectives of procurement
Examine which procurement objectives can be best served via 'single sourcing.' Give reasons
Another issue in determining the appropriate sourcing strategy is whether to choose a large or small supplier. Again, show which procurement objectives can be best served with a large supplier. Provide supporting reasons.
According to 'AutoForecast Solutions', the global automotive industry lost 11.3 million units of production in 2021 due to the shortage of microchips. In fact, the shortage is one of the reasons that Tesla is not going to introduce new models of cars this year.
I have learned 'Portfolio Analysis' as a part of the strategic sourcing process. Would like to know what is the purpose of conducting portfolio analysis?
using own words and not a generic one
Chapter 7 Solutions
Principles of Management
Ch. 7.1 - What do you think enabled Jack Bonneau to start...Ch. 7.1 - What personal characteristics and values will Jack...Ch. 7.1 - Describe several types of entrepreneurs.Ch. 7.1 - What differentiates an entrepreneur from a...Ch. 7.1 - What are some major factors that motivate...Ch. 7.2 - What type of entrepreneur is Apollonia PoilĂ¢ne?Ch. 7.2 - What personal ethics drove Apollonias decision to...Ch. 7.2 - Describe the personality traits and skills...Ch. 7.2 - What does it mean when we say that an entrepreneur...Ch. 7.3 - What are three ways small businesses can be...
Ch. 7.3 - What social and economic factors have prompted the...Ch. 7.4 - How can potential business owners find new...Ch. 7.4 - Why is it important to develop a business plan?...Ch. 7.4 - What financing options do small-business owners...Ch. 7.5 - What led MailChimps founders to change its focus...Ch. 7.5 - What was MailChimps big idea that changed the...Ch. 7.5 - How does the small-business owners role change...Ch. 7.5 - How does managing a small business contribute to...Ch. 7.5 - What are the benefits to small firms of doing...Ch. 7.6 - Why are small businesses becoming so popular?Ch. 7.6 - Discuss the major advantages and disadvantages of...Ch. 7.7 - What is the Small Business Administration (SBA)?Ch. 7.7 - Describe the financial and management assistance...Ch. 7.8 - What significant trends are occurring in the...Ch. 7.8 - How is entrepreneurial diversity impacting small...Ch. 7.8 - How do ethics impact decision-making with...Ch. 7 - What are the differences between classic,...Ch. 7 - What differentiates an entrepreneur from a...Ch. 7 - What are some major factors that motivate...Ch. 7 - How can potential business owners find new...Ch. 7 - Why is it important to develop a business plan?...Ch. 7 - What financing options do small-business owners...Ch. 7 - How do the small-business owners and entrepreneurs...Ch. 7 - What are the benefits to small firms of doing...Ch. 7 - Describe the financial and management assistance...Ch. 7 - What significant trends are occurring in the...Ch. 7 - How is entrepreneurial diversity impacting small...Ch. 7 - How do ethics impact decision-making with...Ch. 7 - What characteristics made Vic Ahmed a successful...Ch. 7 - How did their Ahmed and Steven Cases partnership...Ch. 7 - Is focusing on smaller cities rather than areas...
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