Sample Thesis Paper
One of the most important errors made in the process of Value Chain Management is failing to define standards against which the constituents of the value chain are to be gauged. The examination process has to be standardized and systematic in nature (McGuffog, 1997). This not only allows the organization to develop adequate thresholds but also enables the organization to incorporate any reinvented gradients of measurement into the assessment system as well.
By failing to define standards, the firm fails to augment consistency into its processes, thereby disabling the integration of the momentum of value into its processes. Without the establishment of standards, each part of the value chain remains uncertain about what it shall receive from its connected working components (McGuffog, 1997). On the other hand, the successful establishment and communication of standards allows every part of the value chain to know of the degree to which it is to perform in order to qualify as one that is contributing to the value of the product/service in question.
“Supply chain management aims to maximize the net added value and minimize total costs through reducing the length of the supply chain. By increasing speed and certainty of operation, service is improved, total costs are reduced, and net value is maximized” (McGuffog, 1997). It is evident from this context that it would be impossible for a value chain to function with agility unless operations were being carried out without flaws and interruptions. This is only possible if each member of the value chain is fully aware of its responsibilities towards the augmentation of value to the product/service in question.