Logistics is the management of the flow of goods between the point of origin and the point of consumption in order to meet some requirements, of customers or corporations. The resources managed in logistics can include physical items, such as food, materials, animals, equipment and liquids, as well as abstract items, such as time, information, particles, and energy. The logistics of physical items usually involves the integration of information flow, material handling, production, packaging, inventory, transportation, warehousing, and often security. The complexity of logistics can be modeled, analyzed, visualized, and optimized by dedicated simulation software. The minimization of the use of resources is a common motivation in logistics for import and export. Read more
In microeconomics, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium for price and quantity.
The four basic laws of supply and demand are:
- If demand increases (demand curve shifts to the right) and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price.
- If demand decreases (demand curve shifts to the left) and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price.
- If demand remains unchanged and supply increases (supply curve shifts to the right), a surplus occurs, leading to a lower equilibrium price.
- If demand remains unchanged and supply decreases (supply curve shifts to the left), a shortage occurs, leading to a higher equilibrium price.
Examples of some of the largest Retailers:
Have you thought about the amount of calculations that go into predicting the weather? Click here
Invest in a scientific calculator to help solve statistics. Click here
Do you remember some of the basic laws in your statistics course? Click here
The interpretation of the standard error of the estimate computation is similar to the standard deviation. Click here
EBTM 365 Prerequisites:
Statistics course… ECON 205 or MATH231
(TIP: if you have not taken Stats in awhile, consider a refresher course before enrolling)
M&T Bank Stadium in Baltimore, 6/22/2011
U2 takes the stage to David Bowie’s song Space
What kind of logistics was involved organizing this concert? Transporting this multi-million dollar stage all over the world…
Imagine the supply chain OM strategic decisions?
I believe there were at least a half dozen of these 360 tour stages that one of the most successful bands of our time managed. My wife and I attended the live concert in Baltimore (hence the video) and were front row. My favorite music group. And I was sitting with a close Irish friend of mine and his wife (how ironic).
If you were not impressed by the stage alone, you were certainly entertained by the opening act. They introduced Senator Gabrielle Gifford wishing her husband, Astronaut Mark Kelly a “Beautiful Day” while he was on the space station. This is also the title of one of their top billboard hits. Read more
These are my top favorite songs by U2:
- I Still Haven’t Found What I’m Looking For
- With or Without You
- I Will Follow
- Sunday Bloody Sunday
The coolest things about U2 is not only is the alternative music part of my generation growing up, therefore melody is different from classic Blues or Rock-n-Roll; but when I play the songs over and over, I am amazed at the lyrics. For example, notice the words in the song Bad below.
“If I could, you know I would
If I could, I would let it go,
this Desperation, Dislocation
Separation, Condemnation, Revelation
In Temptation, Isolation, Desolation”
def. – the ability to be sustained, supported, upheld, or confirmed. Environmental Science. the quality of not being harmful to the environment or depleting natural resources, and thereby supporting long-term ecological balance.
As you read Chapter 2 – Operations Strategy in a Global Environment, think about the following:
“Integrating corporate management and sustainable development is an issue of increasing importance in the business world, amid increasing rising expectations for social and environmental responsibility.” Visit Samsung’s R&D.
Do you own a Droid (Galaxy S5)?
Korea is also home to Hyundai Auto Manufacturer.