Project Proposal Form MSc Engineering routes Sample
1. Title:
Evaluating strategies for cost reduction in supply chain management relating to exports and imports
2. Background
Supply chain management (SCM) plays an important role in improving the businesses profitability and performance in the global marketplace (Reklitis et al. 2021). In this relation, it is very important to approach cost-effectiveness in the overall SCM so that it can lead to generating effective products more quickly while enhancing the customer satisfaction during exports and imports.
Strategies for cost-reduction in supply chain management could be streamlining the ordering process, managing inventory, making use of space, monitoring customer demands, and considering automation along with tracking performance (Manavalan and Jayakrishna, 2019).
It is very important to understand the role of cost-effectiveness in SCM because 57% of companies believe that efficient SCM can give a competitive advantage to the business (Finance Online, 2022). However, the fact is not hidden that due to COVID-19 the SCM has disrupted entirely with 12% of retailers reported to be having a great disruption (Finance Online, 2022).
Figure 1: COVID-19 impact on global SCM
(Source: Finance Online, 2022)
In this connection, it can be stated that it is very essential to adopt cost-reduction in SCM related to export and imports of products and services, which can help the business to prosper successfully (Azam et al. 2019). With efficient management of SCM, the businesses will be able to identify the trends along with contributing less wasted inventory that can help make the logistics process to be more simple and efficient.
Hence, the following research will focus on being informative about the research title along with evaluating cost reduction strategy for maintaining a better SCM in terms of exports and imports.
3. Aim & Objectives
The aim of this research is to identify and investigate the strategies that can be related to the cost-reduction in supply chain management interrelating exporting imports.
The research objectives are:
- To identify the strategy that can be used for cost reduction in supply chain management relating to import and export
- To investigate advantages that can be attained with cost reduction strategies in supply chain management
- To explore the challenges that can come around while addressing supply chain management with strategies for cost reduction
The research question of this study is:
- What are the advantages cost-reduction strategies that can be applied for supply chain management relating to export and export?
4. Work programme
The program of the work will be carried out while focusing on the research aim along with collecting information from secondary sources. Secondary information is the already existing information that can offer a wide range of perspective to the researcher while address the research topic specifically.
Through the support of secondary research, the entire work program will be eventually focused on the production of efficient research details that will improve the significance of the study while suggesting a scope of future that can be further researched.
In this connection, concerning the current study’s milestone will be achieved by addressing each research objective and questions while mitigating the key deliverables on time. Furthermore, in terms of improving the work programme procedure will be addressed by following a time plan that will be the major source of being on track while allowing the researcher to work effectively with analysing and interpreting effective information regarding the cost reduction strategies.
Apart from this, it can be stated that the major milestone of this project will be its research objectives and research question specifically, which will help to stay on track throughout the process while completing it in the suggested time-period.
5. Deliverables
The major deliverable of this project will be an interpretation of the project, which will work as a project report along with a project plan that can help even business organisations to understand the importance of cost-reduction strategies in supply chain management.
It has become extensively important for organisations to understand the efficiency in requirement of SCM, which can help the entire logistic procedures along with the product deliverables to the prospective customers. In this relation, cost-reduction strategies will be identified in this project with a compare-contrast approach where numerous different information and interpretation would be made that will support the research aim and purpose successfully.
Apart from this, the research will work as a source of information as well as primarily delivering the idea of cost-efficiency in measuring supply chain management along with maintaining wastage while focusing on technological aspects in SCM alongside.
Moreover, the project deliverables can be worked as an example or a guideline for university students in order to understand the requirement that needs to be done in project maintenance while focusing on resources, work programme, aims and objectives, work plan and many more.
From the above background, it has been identified that supply chain management is one of the key sources of business in order to manage the inventory and improve the services. Referring to that, the global organisation has faced SCM issues due to COVID-19. In this relation, the entire project will deliver few recommendations as well alongside so that the SCM managers can look into it while improving the existing services and management of SCM strategies eventually.
6. Resources
The program of work has been based on secondary qualitative research, which reflects the involvement of secondary sources and the interpretation of the researcher. In this relation, the resources that will carry out for the above programme of work will be the information and data that are available on the internet, governmental and non-governmental websites, public libraries, educational institutes, previous journals and articles of authors, commercial information and news articles (Abrha, 2019).
The following resources for the current research will help in offering information that is readily available along with a less time consuming process.
The following research is being aimed to be completed on a specific time-period, which will be eventually supported by the respective resources in conducting the entire research more quickly along with competing within a few weeks depending on the research objectives and research question. Thus, with secondary resources, a time management plan will also be required so that the entire program of work can be managed effectively and completed within time.
7. Beneficiaries
The current research study has been based on the strategies for cost-reduction in supply chain management related to export and imports. Thus, the idea can be achieved that the research deliverables and outcome will be based on professional business ground so the major benefits will be an organisation.
Apart from this, SCM managers, potential employees who are operating in a business organisation along with having supply chain management challenges are also the beneficiaries of this project. Supply chain management is required to be efficiently managed and interrelated with the business context.
Therefore, with this research project the organisations will be able to understand the strategies that will help them to reduce cost in exports and imports, which will help organisations to manage the financial approach alongside.
In a business organisation it is very important to manage cost and finances; hence, the most important beneficiary of this project will be business organisation specifically, as they are currently operating in that stage of business, which requires more attention.
Apart from this, university students and other potential readers of this project will also be benefited with this research, as it is full of information about supply chain management and strategy, which can help in improving the idea regarding SCM and cost-reduction strategies.
8. Risks/Hazards
The research has been constructed with a clear mindset of mitigating all of the research objectives and questions specifically. However, to conduct a project in an efficient manner there might emerge few risks such as psychological risk, economic risk, loss of confidentiality and legal risk (Settembre-Blundo et al. 2021).
In terms of psychological risk, the research will focus on improving the engagement with the research topic along with avoiding any such depression, all sleep deprivation and mental stress eventually so that the project findings do not get influenced. Moreover, there are no such economic risks included in this research project, as the research has been constructed based on qualitative research and for that there are no such requirements of financial aspect that can restrict the entire research project.
However, there might be issues with confidentiality and transparency along with legal risk in this research and for that concern, the researcher will focus on managing ethical consideration and undertaking potential acts such as Data Protection Act 2018 for improving the prevention of resource breaches (Gov, 2022). Apart from this, Copyright, Design and Patent Act 1988 will be incorporated in this research so that the project can be completed without any legal issues and challenges (Gov, 2022).
9. Work plan
|
Actions |
Week | |||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Research scope and deliverables, research background | ||||||||||||
| Research objectives and aim | ||||||||||||
| Literature review | ||||||||||||
| Methodology | ||||||||||||
| Data collection planning for project | ||||||||||||
| Data analysis and generation of findings | ||||||||||||
| Final formatting and submission | ||||||||||||
Table 1: Gantt chart
References
Abrha, A.H., (2019). Assessing the Effects of Social Media on Academic Performance of Female Students at Raya University, Ethiopia. New Media and Mass Communication, 81, pp.15-23.
Azam, T., Wang, S., Mohsin, M., Nazam, M., Hashim, M., Baig, S.A. and Zia-ur-Rehman, M., (2021). Does Stakeholder Pressure Matters in Adopting Sustainable Supply Chain Initiatives? Insights from Agro-Based Processing Industry. Sustainability, 13(13), p.7278.
Finance Online, (2022). 97 Supply Chain Statistics You Must Know: 2021/2022 Market Share Analysis & Data. [Online]. Available at: <https://financesonline.com/supply-chain-statistics/> [Accessed 01 September 2022]
Gov, (2022). Copyright, Designs and Patents Act 1988. [Online]. Available at: <https://www.legislation.gov.uk/ukpga/1988/48/contents> [Accessed 01 September 2022]
Gov, (2022). Data Protection Act 2018. [Online]. Available at: <https://www.legislation.gov.uk/ukpga/2018/12/contents/enacted> [Accessed 01 September 2022]
Manavalan, E. and Jayakrishna, K., (2019). A review of Internet of Things (IoT) embedded sustainable supply chain for industry 4.0 requirements. Computers & Industrial Engineering, 127, pp.925-953.
Reklitis, P., Sakas, D.P., Trivellas, P. and Tsoulfas, G.T., (2021). Performance implications of aligning supply chain practices with competitive advantage: Empirical evidence from the agri-food sector. Sustainability, 13(16), p.8734.
Settembre-Blundo, D., González-Sánchez, R., Medina-Salgado, S. and García-Muiña, F.E., (2021). Flexibility and resilience in corporate decision making: a new sustainability-based risk management system in uncertain times. Global Journal of Flexible Systems Management, 22(2), pp.107-132.
Know more about UniqueSubmission’s other writing services:
