(Mt) – MGT 311 SEU Operations Functions and Supply Chain Strategy Questions

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Please view explanation and answer below.1College of Administrative and Financial SciencesAssignment 3Introduction to Operations Management (MGT311)Deadline for students: (30th April) The 13TH WeekCourse Name: INTRODUCTION TOOPERATIONS MANAGEMENTStudent’s Name:Course Code:MGT311Student’s ID Number:Semester:2ndCRN:Academic Year: 1442/1443 H, First SemesterFor Instructor’s Use onlyInstructor’s Name:Students’ Grade:Dr.Level of Marks:2Instructions – PLEASE READ THEM CAREFULLY❖This assignment is an individual assignment.❖ The Assignment must be submitted only in WORD format via the allocated folder.❖ Assignments submitted through email will not be accepted.❖ Students are advised to make their work clear and well presented. This also includesfilling in your information on the cover page.❖ Students must mention question numbers clearly in their answers.❖ Late submitted assignments will NOT be entertained.❖ Avoid plagiarism, the work should be in your own words, copying from students orother resources without proper referencing will result in ZERO marks. No exceptions.❖ All answers must be typed using Times New Roman (size 12, double-spaced) font.No pictures containing text will be accepted and will be considered plagiarism).❖ Place of Submission is Blackboard.❖ Weight 10 MarksSubmissions without this cover page will NOT be accepted.3Learning Outcomes1. Describe the concept of operations functions, supply chain strategy, process selection,forecasting, capacity planning, production forecast methods, and schedule operations(CLO 1.1)2. Define different perspectives and knowledge of process-flow analysis, process designsolutions, lean systems, quality controls, Inventory control systems, and green systems(CLO 1.2)3. Demonstrate process-flow analysis, process design solutions, operations strategies,Inventory Control System and customer services in the business operation. (CLO 2.2)4CREATIVE WRITING ASSIGNMENT ON BLOCKCHAIN TECHNOLOGY INSUPPLY CHAIN MANAGEMENTRecent technological advancements and rapid manufacturing growth are having aconsiderable impact on the global supply chain. For example, artificial intelligence is takingover quality control, Internet of Things (IoT) devices and drones are monitoringmanufacturing and maintenance, and more than 1.9 million robots are already deployed inmanufacturing and warehousing globally.Today, companies need to be agile, flexible, and responsive to survive. Those that drivecontinuous innovation throughout their businesses and supply chains – and differentiatethemselves in a highly competitive market by remaining dynamic and relevant – are the onesthat succeed.Keeping in view the above lines you are asked the following questions.Q1. How does Blockchain work in Supply chain Management?(3 MM)Q2. How can we say that Blockchain technology brings efficiency and transparency totransactions?Q3. What are the characteristics of Blockchain technology?(3 MM)(2MM)Q4. Name five companies in the world that use this technology.(2 MM)5A1.Blockchain technology is the chronological storage of public data in a list of recordspopularly known as blocks. To make sure that there is no compromise and alteration of theusers’ privacy, cryptography is used to encrypt the information. Furthermore, to ensure thatthere is no single decision-maker who has centralized authority, there is decentralization inthe management and storage of the information (Bai & Sarkis, 2020). To avoid that, theconsensus is used to make most decisions.Through blockchain technology, companies can track their transactions securely andtransparently. In addition, a product’s history can be traced from its origin to where it iscurrently since all transactions are securely documented (Bai & Sarkis, 2020).Companies use blockchain, to track products’ history from where they weremanufactured, to how they were transported until they reach their destination. It ensures thereis secure documentation for each step made in the product. The steps may be a change ofownership, ensuring that there is a history on the products that cannot be deleted from themanufacturer to the buyer. (Bai & Sarkis, 2020).This technology also reduces human errors, delays, and additional costs for people who sharea platform. Since there is no need for third parties, fraud can be reduced in the business (Bai& Sarkis, 2020). However, in case a fraud happens, its source can be traced easily since thereare records that are comprehensive in the company.Through the use of this technology’s shared ledger, an audit that can be trusted isprovided. The audit can be on how money, inventory, or information flows. On top of that,6data on logistics can be synchronized, shipments tracked, and payments automated (Bai &Sarkis, 2020). This is possible where only the relevant data is shared without the interferenceof systems of legacy.This technology can change the supply chain in three different ways namelytransparency, traceability, and traceability. Efficiency in operations can be used by the use ofa traceability tool. This is done through supply chains visualization (Bai & Sarkis, 2020).Many people are looking for information about the products they purchase and by the use ofthis technology, companies can provide data that can be verified, is real, and is immutable.Through transparency, trust is built where the most important data is captured thenpublic access to this data is provident in an open way. Third parties can verify its authenticityafter the data is registered (Bai & Sarkis, 2020). Furthermore, updating and validation of theinformation are possible in real-time.The concept of marketplace convention is redefined using the traceability feature.Here, an asset is split into several shares which in the digital arena represent ownership (Bai& Sarkis, 2020). Some tokens represent the value of what a shareholder owns in an asset andthey can be traded where those who use them can transfer them to others but no change ofhands for the real assets.Now we give real examples where this technology has been used practically. The firstis in a blockchain called Project Proton. The piloting had an implementation by a Pepsicorporation. They used smart cards in the supply chain ads which were programmed by theuse of elements that were automated. In that project, smart cards were used for thereconciliation of impression ads collected from various sources (Wang & Qu, 2019).Furthermore, digitized tokens were used for payment facilitation.7Secondly, we have Tomcar which manufactures cars in Australia. It pays its suppliersusing Bitcoin and receives payments from its clients from nations such as Taiwan and evenIsrael using a currency called cryptocurrency (Wang & Qu, 2019). By use of this currency,the money which was being used for payments using international methods is saved.Thirdly, it is used in the food firms where the issue of tracing where these products comefrom is very critical in many countries dealing with foodstuffs (Wang…

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