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Choose one of the chapter readings for this week and discuss at least three takeaways from the reading as well as how you see the case study relating to (in part) reverse logistics programs.
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This week we will discuss a few of the issues surrounding cost and benefit analysis as well as how to monitor, control, and assess reverse logistics programs.
First, we need to identify some of the issues surrounding cost and benefit analysis and which issues pertain to reverse logistics especially in developing and implementing these types of programs. Therefore, in reviewing the list of issues, how does this impact your thoughts as you move forward in completing the final project for the course.
Again, these are key questions that need to be addressed not only in the final project but in using cost and benefit analysis in the real-world.
So, now that we are beginning to determine the design of our project assessment, what are the rules we need to follow in order to alleviate some of these issues?
- What is the real output of the proposed project?
- What are the possible outcomes relevant to the project?
- What are the real external effects?
- What is the target area and population that is impacted by the project?
Can you see how these are all relevant to the planning and implementation of a reverse logistics program?
So, let’s assume at this point we have provided the cost and benefit analysis which was used to develop and implement a reverse logistics program. Granted this is a huge leap forward but it is equally important to review how best to monitor, control, and assess the program. You always must have the end in mind. To do this, let’s review a few key items identified by Richey, Tokman, Wright, & Harvey (2005). In this, they discuss efficiency, control, monitoring, and assessing but also the importance of providing a reverse logistics program for growth and environmental sustainability. However, for the sake of this discussion, we will focus on the management of the program.
First, they discuss efficiency in existing reverse logistics programs. This discussion revolves around supply and demand and market prices. The premise being that as the demand for unwanted products and by-products increase so would the price. This would allow private organizations to buy these products and at the same time create a system in which supply responds to demand.
Control is another aspect of reverse logistics discussed. Control in this sense is using management systems and contractual agreements to help control some of the risk and uncertainty in these programs. Without these contracts in place, everyone tends to be interdependent with little control or management. As such, integrating a market control system, a hierarchy control system, or a hybrid model helps control some of these problems and issues in reverse logistics programs. Again, this is a good reason to include relational contracts as a method for managing commitment, benefits, rewards, etc. between companies. Due to globalization, these agreements are more important than ever before. Everyone must know their roles, responsibilities, benefits, and compensation for their part in the process – this must be clearly defined and understood. Likewise, this provides control over the process which can increase efficiencies as well.
So, how does this help with monitoring? Well, you will see as you read this week’s article that the authors discuss the steps or framework for developing and monitoring a reverse logistics program. Take a look at this and think about how this information factors into your final project and what you may need to add to further implement such a program.
This week we discussed issues and rules surrounding cost and benefit analysis as well as how to effectively monitor, control, and assess a reverse logistics program.
Nas, T. F. (1996). Cost-benefit: Theory and application. Thousand Oaks: Sage Publications.
Richey, R. G., Tokman, M., Wright, R. E., & Harvey, M. G. (2005). Monitoring reverse logistics programs: A roadmap to sustainable development in emerging markets. Multinational Business Review, 13(3), 41-41-65.
Production Possibilities Frontier