Homework
Prior to beginning work on this homework, read Chapter 7: Supply Management.
Operations and supply chain managers as well as professionals in purchasing engage in strategic sourcing processes, and they demonstrate how spend analysis, total cost analysis, portfolio analysis, and weighted-point evaluation models can be used to support strategic sourcing efforts. Purchasing managers, for example, spend more time on strategic sourcing activities, such as spend analysis, supplier evaluation and selection, and make-or-buy decisions. All of these activities require individuals with a solid mix of quantitative and interpersonal skills. This homework will enhance your skills in these important areas.
In your paper,
1) Explain in detail why data analysis skills are so important to spend analysis.
2) Describe how a structured process such as Six Sigma methodology can be useful to identify spending patterns and opportunities for improvement.
3) Recommend which functional areas of the business, such as finance, should be involved in spend analysis efforts, and justify the rationale for your choices.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.