Week 12 Discussion Board
Weekly Discussion Question
For this discussion question, you will be looking at chapter 17 from your reading wherein you will evaluate issues in supply evaluation and some of the trends. For this discussion please define what is meant by supply function and evaluation and why it is essential to understand the trends that lie ahead.
Week 12 Discussion: Issues in Supply Evaluation
The supply function tool is used to measure the relationship between the price and quantity of goods supplied. The supply functions show the effect which takes place on one variable on the others. The supply functions are important because it helps to understand the relationship between the two variables. The supply function helps us to understand is that how the demand for goods changes when the prices of goods change and vice versa (Bhattacharyya & Mandke, 2021, p.75). The supply function shows the situation that will take place if the changes in the supply of goods and services take place.
The supply evaluation can be termed as the process that assesses and approves the potential supplier through qualitative and quantitative assessment. It can also be said that it is the evaluation or assessment of the supplier to measure their performances by the various criteria and to understand whether their performances have met the organization’s needs or not (Xu, Yin & Ye, 2020, p.30). According to the evaluation of the work, the decision is to be taken on what necessary changes need to be made to improve it.
It is essential to understand the trend which is ahead for various reasons and is stated below-
Firstly, if the trend is known then it can be easy to understand the changes that need to be done so that more attention of customers can be grabbed. If the trend is known then it becomes easy to analyze the work and make changes accordingly
Secondly, the trend helps to gather information about the customer’s wants and requirements So it saves time in analyzing the requirement of the customer and the product can be made available beforehand only.
Bhattacharyya, S. S., & Mandke, P. (2021). Exploratory study of the role of emerging technologies in outsourcing of supply chain functions. International Journal of Applied Logistics (IJAL), 11(2), 71-98.
Xu, Z., Yin, Y., & Ye, J. (2020). On the supply curve of ride-hailing systems. Transportation Research Part B: Methodological, 132, 29-43.