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Supply chain management is one of the most important factors in the industry in which I work, bio-pharmaceutical manufacturing. For each manufacturing run, the bill of materials (BOM) can be thousands of items long which all need to be tracked from: receipt from manufacturer, quarantine, quality testing, release, issuance to the manufacturing suites, use in manufacturing, and generation of the final product. Integration of systems such as SAP into supply chain management are important in saving time and money by allowing quality, materials management, and manufacturing personnel to quickly check stock and ensure that only released materials are going into manufacturing suites for use. This ensures that the organization stays compliant with title 21 of the code of federal regulations, maintains good manufacturing practices, and provides quality materials that could end up going into humans. Errors in supply chain management can halt manufacturing and end in the loss of millions of dollars in wasted product at best and at worst cause tainted product being put into humans.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
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