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26.02 is there a relationship between Price Value and Cost
March 8, 2010, 8:11 pm
Filed under: Additional Information, Key Questions

Price:

The amount of money expected, required, or given in payment for something

(Oxford American Dictionaries)

David Ricardo publicized  1817 Principles of Political Economy and Taxation there he created the theory, that a equilibrium price is where demand and an offer find their balance.

Cost:

(of an object or an action) require the payment of (a specified sum of money) before it can be acquired or done

(Oxford American Dictionaries)

In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost

(WIKIPEDIA)

I prefer the definition that cost is the money you need to pay to produce or buy something, the cost is not necessarily the price! (feel free to commend on that)

Value:

  • the regard that something is held to deserve; the importance or preciousness of something
  • the material or monetary worth of something
  • the worth of something compared to the price paid or asked for it
  • the usefulness of something considered in respect of a particular purpose

(Oxford American Dictionaries)

Obviously Value is kind of abstract.

More interesting thoughts:

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26.02 Operations Management
March 8, 2010, 7:21 pm
Filed under: Additional Information

A typical Organization  has usually three sections:

  1. Finance
  2. Marketing
  3. Operations

Decisions:

Strategic -> Broad Long Term and all encompassing

Tactical -> Narrow in scope, Short term in nature, Concerning a small group of issues, more mathematical -> how to do things



26.02 Supply Chain
March 8, 2010, 7:14 pm
Filed under: Definitions

Supply Chain Management as the task of integrating organizational units along a supply chin and coordination material, information and financial flows in order to fulfil (ultimate) customer demands with the aim of improving the competitiveness of a supply chain as a whole. (Städtler 2004 p.11)

Wikilink -> This wikipedia entry is ok but some things need proof



26.02 Logistics Definition
March 8, 2010, 7:10 pm
Filed under: Definitions

Logistics management is that part of the Supply Chain Management process that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customers requirements. (CLM, 2005)

Wikilink



26.2. World trade vs. GDP
March 8, 2010, 6:56 pm
Filed under: Key Questions

KEY QUESTION:

World trade has risen really fast in the last couple of Years but the GDP did not raise that rapidly!

What happened!

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