Demand elasticity

Each response must be 200 words:

 

Response 1:

I have selected the following three lessons learned from previous coursework in relation to transportation concepts; fixed and variable costs, demand elasticity and value-added function.

Fixed and variable costs

Fixed (infrastructure) and variable (operating) costs directly affect production and the overall price of transportation. Rodrigue & Notteboom (2019) specified fixed costs are costs applying to the physical assets of transportation mainly infrastructures, terminals and vehicles. No matter what kind of business a company is in, it must invest in maintaining its physical assets of transportation to perform its operations. In my current profession, I have learned how weight is also a cost function when freight is involved specially when dealing with transshipments, changing the means of transport.  Cost associated with maintaining fleets of vehicles and operating costs are also factors to consider when determining transportation cost.  Some companies may decide to buy or lease a fleet, while others may prefer to outsource their transportation requirements to 3PLs.  Lesson learned; fixed and variable cost are important factors to consider when determining accurate transportation costs

Demand elasticity

Lessons learned from demand elasticity is how the relation to transportation depend on factors that affect responsiveness of demand to a change. Given that transportation is a product that consumers would be willing to buy at different prices when other things are constant, I would say that transportation demand is price elastic because transportation demand inversely proportionate to price.  When the price increases demand decreases and when price decrease demand increases.  Factors other than price that make a product elastic can also include substitute products, consumer income, consumer preference and population. As an example, when population and migration increase demand also increase and when the population decrease demand also decreases. Lesson learned; demand elasticity in relation to transportation depends on factors that affect responsiveness of demand change.

Value added functions,

Many corporations should ask themselves how to build a more efficient supply chain. Rodrigue & Notteboom (2019) detailed four functions within logistics that can help create a more efficient supply chain: production, location, time, and control. The value-added services that production offers to logistics are services within logistics that are provided at little to no additional cost, such as Just in Time (JIT) production. Location is a value added by taking better advantage of various locations with access to more customers and lower distribution costs. Time provides an added value from having goods and services available when required along the supply chain. Control provides value by coordinating cycles, lead times, better marketing, and demand response, thus forecasting demand and allocating resources accordingly. Lesson learned; efficient logistics that use the above-mentioned value-added functions in interrelated ways add value to production and distribution.

Response 2:

In reviewing previous coursework, the first thing I noticed is that my writing skills had deteriorated in some respects in regards to formatting, particularly in terms of APA. A majority of the feedback from instructors was due to APA formatting, particularly in my references sections. This is also true in regards to my punctuation, use of semicolons, and other grammatical mistakes.

In terms of actual content, the best feedback I received was centered on my argumentative works and compare and contrast. My analytics skills appear to be sufficient, but my structuring of arguments needed work. I appreciate this above all other feedback I had received due to the constructive nature as well as the ability to grow upon this criticism. The ability to write is central to being an effective leader in large part due to the importance to written communication – email and other written forms are unavoidable in the current state.

In terms of knowledge base and professional growth, the aspects in which I learned the most were in regards to cyber defense and transportation infrastructure security, policy, and planning. I grabbed onto these aspects of transportation and logistics due to the centrality to my career field and desired end state, as mentioned last week. As a strategic planner these are aspects that are incredibly important to my career field, and the applicability to real world efforts that I am a part of piqued my interest. I had a significant vacancy in knowledge on port and maritime infrastructure in particular, and so this is a topic that I particularly focused on.

Response 3:

It seems as if most of the program for supply chain management is geared towards understanding operational efficiencies. I was pleased to take a step in a different direction and learn about the legal and ethical issues in management. One of the topics I found to be most interesting was in regards to antitrust laws. Rather than specifically affecting supply chains, this is something that affects every business. Antitrust laws can be thought of the laws that intend to stop monopolies from happening. John D. Rockefeller was notorious for finding loopholes around these laws to keep growing his empire. Focusing on growing as big as humanly possible might not always be a wise goal for businesses to have, nor always a legal goal. Companies need to be careful that they are not engaging in anticompetitive practices while they are trying to maximize their place in the market.

Issues like these are also rooted in various ethical frameworks. It is important for companies to understand which ethical frameworks they are operating under and which ones they want to operate under. This can significantly alter the way a supply chain operates. It might not be in the best interest of every partner in the supply chain to maximize efficiency if that maximization comes at the cost of compromising their ethical framework. Taking that class allowed me to understand different perspectives on what it means to be efficient. Efficiency must be in line with a company’s goals and partners or else much of the efficiency created will hold little value.

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