Video: Supply Chain Management

In this lesson, delve into the fundamentals of Supply Chain Management with Nick Palazzolo, CPA, as he meticulously unpacks the SCOR (Supply Chain Operations Reference) model and its pivotal role in performance management. Discover how this framework not only addresses and improves supply chain procedures but also facilitates effective communication within a company, as well as with its suppliers and customers. The lesson breaks down the model into four core components: planning to balance supply with demand, sourcing raw materials through vendor selection and contract creation, concocting and testing the manufacturing processes, and ultimately, delivering the finished product to eager customers. Nick underscores the importance of memorizing these components to enhance understanding of the supply chain’s intricacies and confidently tackle related challenges.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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It's the SCOR model. It's the Supply Chain Operations Reference. There's four parts to it. Again, just kind of memorize this. It has to do with performance management and supply chain is important there. So this is used to address, improve and communicate supply chain management and decisions within the company and with suppliers and customers. So overall it's just to improve the supply chain. It just describes satisfying customer demands, explaining the process and how to improve these processes.

First we're going to plan. This is balancing supply and demand, sales forecast, inventory levels. Also, we're going to assess the ability of suppliers to supply resources generally. Yeah, you should kind of know what belongs under each of these four. But for sure, memorize each of the four here.

Next, we're going to source. This is where we procure the resources, where do we get the raw materials and all that. Selecting vendors, making contracts. This is the process of turning raw materials into finished goods. Manufacturing, process testing. Again, this all has to do with our supply chain.

And lastly, deliver. Get the finished product to the customers, manage orders, accounts receivables collections, deal with all of that. Not going to get into it too much. This is essentially all you really need to know. Just memorize it and you'll do well. You're super strong for staying with me this long. Let's finish it up.

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Performance Analysis & Cost Accounting

Module: 4 Concepts, 44 Videos

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