Video: Supply Chain Processes

In this lesson, delve into the intricacies of supply chain processes with Nick Palazzolo, CPA, who simplifies complex concepts like Kaizen, Total Quality Management (TQM), and Just-In-Time (JIT) inventory. Nick breaks down each approach, highlighting the core objectives such as reducing wait times (Lean Manufacturing), enhancing customer satisfaction (TQM), and minimizing unnecessary inventory (JIT). Through easy-to-understand explanations, explore how these methodologies can improve efficiency and quality in a company's operations. Nick ensures that the focus remains on the essential elements significant for the exam, advising on which strategies to prioritize for in-depth study and which to be aware of conceptually. Get ready to grasp the key components of supply chain management that could appear as exam questions, and learn to distinguish which strategies companies might be using based on their operations.

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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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Supply chain processes. All right? You might be familiar with some of these or all of them or none of them and that is quite all right. You'll become an expert in these soon enough. Some of these we don't really need to know much about other than the description such as Kaizen whereas TQM Total Quality Management will see this pop up other places as well.

Same with just in time. So this is just how do you want to run your company? How do you want to run your supply chain? Well, if you choose lean Manufacturing, it's a production method aimed at reducing overall just reducing things factors so reducing things such as wait times within the production system, response times from customers, suppliers. You could have a mix of these, you could have one of these.

I mean, I'm not the most expert in supply chains I am just an expert in what you need to know for the exam. In reality, sure, maybe you could have a mix of these but for the test you just kind of need to know more about them and you need to know okay, here's a description of what a company is doing which of these is it most likely following? And that could be a Sim. Total Quality Management is basically just obsessed with customer satisfaction. I would say this is probably Apple, right?

They want to make sure that every step along their supply chain is precise and perfect to make sure that the customer satisfaction level is incredibly high. Longterm success through that all members of an organization participate in improving processes, products, services and the culture in which they work. The seven factors of Total Quality Management are we've got a few here. Should you memorize these? In

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