Massachusetts Institute of Technology is pleased to offer a Free Online Course on Supply Chain Dynamics. In this course, students will gain knowledge of how to manage. And harness the dynamics and interactions between firms and entities within a supply chain. Part of the MITx Supply Chain Management MicroMasters Credential.
Dynamics is the branch of classical mechanics that is concerned with the study of forces and their effects on motion. Isaac Newton was the first to formulate the fundamental physical laws that govern dynamics in classical non-relativistic physics, especially his second law of motion.
Generally speaking, researchers involved in dynamics study how a physical system might develop or alter over time and study the causes of those changes. In addition, Newton established the fundamental physical laws which govern dynamics in physics. By studying his system of mechanics, dynamics can be understood. In particular, dynamics is mostly related to Newton’s second law of motion. However, all three laws of motion are taken into account because these are interrelated in any given observation or experiment.
Online Course Supply Chain Dynamics review
Supply Chains are complex systems involving multiple firms and organizations with different goals and objectives. Additionally, there are external forces and trends that can impact (positively or negatively) a supply chain’s efficiency and effectiveness. You will understand the dynamics and risks within supply chains, both large and small, is key to being a successful supply chain professional.
Course At a Glance:
- Length: 13 weeks
- Effort: 8-12 hours pw
- Subject: Business & Management
- Institution: Massachusetts Institute of Technology
- Languages: English
- Price: Free
- Certificate Available: Yes, Add a Verified Certificate for $200USD
- Session: Start on August 12, 2022
Massachusetts Institute of Technology is a coeducational, privately endowed research university. It is dedicate to advancing knowledge and educating students in science, technology. And other areas of scholarship that will best serve the nation and the world in the 21st century.
In commerce, a supply chain is a system of organizations, people, activities, information. And resources involve in supplying a product or service to a consumer. Supply chain activities involve the transformation of natural resources, raw materials, and components into a finished product and deliver to the end customer. In sophisticated supply chain systems, used products may re-enter the supply chain at any point where residual value is recyclable. Supply chains link value chains. Suppliers in a supply chain are often ranked by “tier”, first-tier suppliers being those who supply direct to the client business, second-tier being suppliers to the first tier, etc.
A typical supply chain begins with the ecological, biological, and political regulation of natural resources, followed by the human extraction of raw material, and includes several production links (e.g., component construction, assembly, and merging) before moving on to several layers of storage facilities of ever-decreasing size and increasingly remote geographical locations, and finally reaching the consumer.
At the end of the supply chain, materials and finished products only flow there because of customer behaviour at the end of the chain; academics Alan Harrison and Janet Godsell argue that “supply chain processes should be co-ordinated in order to focus on end customer buying behaviour”, and look for “customer responsiveness” as an indicator confirming that materials are able to flow “through a sequence of supply chain processes in order to meet end customer buying behaviour”.
Many of the exchanges encountered in the supply chain take place between different companies that seek to maximize their revenue within their sphere of interest but may have little or no knowledge or interest in the remaining players in the supply chain. More recently, the loosely couple, self-organizing network of businesses who cooperate to provide product. And service offerings has been called the extend enterprise. And the use of the term “chain” and the linear structure it appears to represent have been criticised as “harder to relate to the way supply networks really operate. A chain is actually a complex and dynamic supply and demand network.
Demonstrate ethical practices
As part of their efforts to demonstrate ethical practices, many large companies and global brands are integrating codes of conduct and guidelines into their corporate cultures and management systems. Through these, corporations are making demands on their suppliers (facilities, farms, subcontracted services such as cleaning, canteen, security etc.) and verifying, through social audits, that they are complying with the required standard. A lack of transparency in the supply chain can bar consumers from knowledge of where their purchases originated and facilitate socially irresponsible practices.
In 2018, the Loyola University Chicago’s Supply and Value Chain Center found in a survey that 53% of supply chain professionals considered ethics to be “extremely” important to their organization. Supply-chain managers are under constant scrutiny to secure the best pricing for their resources, which becomes a difficult task when faced with the inherent lack of transparency. Cost benchmarking is one effective method for identifying competitive pricing within the industry. This gives negotiators a solid basis to form their strategy on and drive overall spend down.
About This Course
This course builds on the fundamental models introduced in SC1x and the design trade-offs covered in SC2x. It is essentially a capstone in understanding how to successfully model, design, and manage a supply chain in any industry. They will divide the course into three sections.
First, they will introduce the field of System Dynamics. Developed at MIT, system dynamics is an approach that examines and models complex systems that feature interacting, non-linear, and dynamic elements. The objective is to better understand the underlying features of a complex system and to recommend policies and other actions to improve overall performance.
Second, they will explore the concepts of supply chain risk. Supply chains are subject to a wide number of potential disruptions – from both within and outside of the supply chain. Students will understand how supply chains can be better design. And manage to not only mitigate the downside of supply chain disruption but also to leverage and capture any upside.
Finally, the students will engage in a series of more extend case studies and simulations that demonstrate these complex relationships. Actual case studies and examples from companies will be used to help students better prepare for actual situations.
- Supply chain risk management
- Supply Chain Dynamics
- End to End Supply Chain Management
Caplice has been teaching logistics and supply chain management at MIT for over a decade. He is also responsible for the planning and management of the research, education, and corporate outreach programs for the MIT Center for Transportation & Logistics as well as MIT’s Global SCALE Network.
Arntzen is the Executive Director, MIT Supply Chain Management Program where he oversees the SCM curriculum, student admissions, faculty selection, and student job placement.
Sheffi is a former director of MIT’s Engineering Systems Division and holds a dual appointment at the Department of Civil and Environmental Engineering and at the Engineering Systems Division.
How To Join This Course
- Go to the course website link
- Create an edX account to Sign Up
- Choose “Register Now” to get started.
EdX offers honor code certificates of achievement, verified certificates of achievement, and XSeries certificates of achievement. Currently, verified certificates are only available in some courses.
Once the applicant signs up for a course and activates their account, click on the Log In button on the org homepage and type in their email address and edX password. This will take them to the dashboard, with access to each of their active courses. (Before a course begins, The List will be on their dashboard but will not yet have a “view course” option.)
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