I need help in responding back to my professor

Describe and explain three (3) types of data and documentations needed for creating a supply strategy plan or for updating an existing supply strategic plan.

Three types of data and documentation that is needed for creating a supply strategy plan or updating an existing supply strategy plan is cost-reduction strategies, environmental-change strategies, and risk-management strategies. Cost reduction strategies can be developed by tracking and researching a purchase and product in and product out patterns. Environmental change strategies can be created and updated by analyzing and examining environmental regulation and policy. Risk management strategies can be designed with the tracking of issues and risk and the methods used to mitigate them.

Explain why these data and documentations are particularly important and crucial.

The importance of this information is that the data can be used to generate and business plan and model to operate and efficient company. The method also sets the bar for how the company will perform. A company needs to have a set policies and processes in place to be able to manage cost effectively.

•Explain how risks could be reduced and/or managed by integrating these data and documentation collected for your organization or based on your experiences.

Reducing risk begins with risk identification. Early detection, reporting, and mitigation are the key to reducing risk. With every project, there is always a risk of the unknowns. Not every risk can be prevented, but knowing how to report it immediately while having a plan in place to resolve the issue is crucial to the success of the project.

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Torreah,

What are some examples of things that you would leverage each of the strategies you listed in order to craft your procurement strategy? What are your thoughts in reference to using the organization’s mission and vision to influence your procurement strategy?

What is a cost reduction strategy? How is it important as it relates to ensuring your supply strategy supports it? Other than technologies, what other things fall under the cost reduction strategy? How does the supply strategy enhance an organization’s ability to reduce cost?

Prof Lodge