High Value Engineering Case Study

According to Lambert, D.M, Supply chain management is the integration of key business processes from end-users through original suppliers that provide products, services, and information that add value for customers and other stakeholders. Dr. Yufeng Zhang states that High Value Engineering (HVE) is the application of engineering technologies, skills and capabilities to the creation, development and deployment of high value adding products and services that may lead to sustainable economic growth in complex global business networks. The Oxford Online Dictionary defines efficiency as the state or quality of being efficient, which refers to achieving maximum productivity with minimum wasted effort or expense. Efficiency is highly important in …show more content…
AMR Research defines risk management as the process of measuring or assessing risk and then developing strategies to manage the risk. Strategies used in risk management include the transfer of the risk to another party, risk avoidance or mitigation and channel risk sharing. In relation to sustainability, risk contributes a great deal and efficient risk management could determine the survivability of a company. There are various types of risks and although some companies have decided to group these together dealing with them as they appear, others have broken them down and begun to plan. Risks include political, global, economic, environmental, natural, production, purchasing, sales, financial and legal risks among others. It is clearly evident that BMW has an efficient risk management process that comprises of identifying and scrutinising risks early on, comprehensive analysis and risk assessment, the coordinated development of appropriate control tools, and the monitoring and evaluation of measures for the short, medium and long term. Political risks are managed by internationalising sales and production structures in order to reduce the potential impact of risk exposure in individual countries. By planning alternative transport routes right from the first stage of production and ensuring sales are flexible enough to explore fresh opportunities at short notice, …show more content…
The quality of the workforce is improved by the involvement of the industries in the curriculum and the collaboration between manufacturing industries and academy institutes leads to development of ecologically and socially sustainable processes. BMW offers employees a large number of development and certification programs while promoting the concept of life-long learning within the BMW Group. Recent study has shown that there has been and will continue to be a significant increase in the demand for well trained skilled workers and as a result, BMW have introduced the Young Talent Program aimed at providing participants with both financial, training and practical support in all areas