Sample Essay
The SCM hierarchy comprises of transactional systems and optimization systems responsible for inter temporal activities along the channels of distribution and management function (Tayur, Ganesha and Magazine 741).
Likewise, new concepts of risk management have had to be devised for the supply chain system given the economic turmoil and terrorism that could have a profound effect on businesses (Ijioui, Emmerich and Cype 100). It thus, paves way for a manageable security risk level which is termed as a tradeoff between supply chain cost, performance levels and the security level.
It is thus notable that the probability of 0% risk or the existence of 100% security is not possible, therefore, businesses strive to aim for a manageable security level as discussed above and neural network is an essential element in devising supply chain tactics and keeping all strategies in collaboration with each other.
Talking about demand forecast, it is known that’s it is already a difficult task for supermarkets to etch out the feasibility of buying patterns and could possibly lead to what is known as the ‘bull whip effect’. To be more precise, this happens when information is not well coordinated across the channels and could also be an outcome of market myopia.
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