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The total cost curve, if non-linear, can represent increasing and diminishing marginal returns.. The short-run total cost (SRTC) and long-run total cost (LRTC) curves are increasing in the quantity of output produced because producing more output requires more labor usage in both the short and long runs, and because in the long run producing more output involves using more of the physical ...
Traditional production planning and scheduling systems (such as manufacturing resource planning) use a stepwise procedure to allocate material and production capacity. This approach is simple but cumbersome, and does not readily adapt to changes in demand, resource capacity or material availability.
In the long-run, firms change production levels in response to (expected) economic profits or losses, and the land, labour, capital goods and entrepreneurship vary to reach the minimum level of long-run average cost. A generic firm can make the following changes in the long-run: Enter an industry in response to (expected) profits
Production runs to replenish inventory are made at regular intervals; During a production run, the production of items is continuous and at a constant rate; Production set-up/ordering cost is fixed (independent of quantity produced) The lead time is fixed; The purchase price of the item is constant, i.e. no discount is available
The inputs could be: demand plans, sales/demand forecasts, demand impacts, marketing actions and sales actions, procurement and supply plan, supplier lead time, constraints from the supplier and other information, supply capacity, production and capacity plan, Inventory, work-force level, operational constraints, production lead time ...
In the 1980s, manufacturers developed systems for calculating the resource requirements of a production run based on sales forecasts. In order to calculate the raw materials needed to produce products and to schedule the purchase of those materials along with the machine and labor time needed, production managers recognized that they would need ...
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Circular Supply Chain Management (CSCM) is "the configuration and coordination of the organizational functions marketing, sales, R&D, production, logistics, IT, finance, and customer service within and across business units and organizations to close, slow, intensify, narrow, and dematerialise material and energy loops to minimize resource ...