Explain how a value chain is different from a supply chain

With the global transition of developed and developing countries to service economies and the advancement of technology, consider the implications for manufacturing supply chains. How will the world look 50 years from now if this trend continues?

Homework 2: 4 pages with at least 2 references

Answer the following questions

1. Explain how a value chain is different from a supply chain 2. Describe the five key principles often summarized as the essence of lean production? 3. Describe the relationship between an agile supply chain, mass customization, and the principle of postponement. 4. Describe the functioning of a leagile strategy (combined lean and agile) and its use of a decoupling point. 5. Describe the increasing importance of service supply chains in the global economy. 6. Describe how the traditional supply chain professional and the service supply chain professional skill sets can complement each other .

Reference:

Mangan, J. J., & Lalwani, C. C. (2020). Global logistics and supply chain management (4th ed.). Hoboken, NJ: John Wiley & Son

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