Reflective Paper. EconomyEssay. Management Assignment.

Reflective Paper
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Reflective Paper
Introduction
The world’s economy is currently under the influence of various factors that dictate and even define the equally diverse processes of production across different economic sectors. Factors such as the emerging and evolving technologies as well as globalization make for some of the primary contributors to the changing dynamics witnessed in the global economy today. The advancing telecommunication technologies, for instance, creates a platform for effective interaction and integration of all the elements within the supply chain for goods and services of a given business organization. Globalization, on the other hand, calls for the adoption of effective management strategies to meet the equally increasing complex demands of the global market to enhance the organization’s competitiveness. In essence, the increasing competition in the global market calls for the development and implementation of effective interventional measures towards enhancing sustainable growth and development of business organizations across the different sectors of the economy. Effective logistics and supply chain management plays a significant role in the achievement of the said objective as it functions to meet the customers’ expectations at affordable costs. The achievement of the desired outcome is dependent on the informed understanding and application of the underlying principles as outlined in the logistics and supply chain management course program. The program provides students with valuable information, knowledge, and skills that function to provide the core competencies required to meet or rather address the demands of effective logistics and supply chain management at both the local and global platforms. A reflection on the personal experience of the course program highlights some of its core principles and ideas, the integration of the same towards the development of career objectives, self-evaluation, as well as an analysis of the weaknesses, strengths, and opportunities of the program.
The key components, principles and ideas presented in the logistics and supply chain management (SCM) program can be identified from the different definitions of the discipline. It is important to reiterate on the fact that effective logistics and SCM’s primary function is to meet the ever-shifting demands or needs of the consumers. Logistics and supply chain management thus seeks to provide or rather enhance the business environment through the procurement of the factors of production required to meet the consumer needs through the production of quality goods and services. It functions to allow for the procurement of raw materials, finances, personnel, and the services required to meet the said objective. Myerson (2014) sums up logistics and supply chain management as the management of both the upstream and downstream flow of material inputs, end products, and information across the supply chain in a continuous value addition process. The upstream and downstream value addition process on the outlined elements involves constituent entities of the supply chain, which include the parent business organization, suppliers, resellers, as well as the end users or ...