How can you use value chain management in your everyday life?

Answer 1

Q: - How could you use value chain management concepts in your everyday life?

Ans: Value is defined as the performance characteristics, features and attributes and any others aspects of goods and services for which you are willing to give resources or even money. For example when you purchase new VCD, a new Levis Jeans, a Dell laptop, a hot foaming cup, or a hair cut from your local hair salon you definitely exchange money to fulfill the value and desire you need form all these. These values provide you through transforming raw materials and other sources into product or services.

Act of turning varied resources into something is (VALUE) and interrelated work activities performed by different participants (suppliers, manufacturers, customers and even you) are (VALUE CHAIN).

Value chain is the entire series of organizational work activities the add value at each step, from raw materials to finished product. In its entirety value chain can encompass the supplier's suppliers and to the customer's customers.

Value chain management is the process of managing the sequence of activities and information along the entire value chain.

How you can use it in your daily life .e.g. You are in emergency and you want to contact with your friend, peer and may be with your family and you don't have a source for call then mobile and PCO is your need for calling someone and you definitely agree to pay for this desire. So mobile add value in your daily life through this you can easily contact with someone where ever and which one you like, on time without any headache.

Same like it if you feel hunger and you want to fulfill your appetite then a good meal has a value for it.

In your daily life, there are so many routine matters in which you use value chain management like you face some kind of problem and you discuss with your parents for its solution, the advice of your parents add (VALUE) in shape of (authentic solution) for that problem which they give you that you can use for the betterment of your present and future matters too. It's some kind of service which they provide you.

For the accurate use of value chain management concept in your daily life you can use "value chain analysis" as a tool.

Value Chain Analysis is a three step process:

1. Activity Analysis:

First step in value chain analysis is activity analysis that you identify the activities you want to do for personal for your friends, peers and may be your family members.

2. Value Analysis:

Second step is value analysis that the advice or something else which u want to do is how much essential for you and others and how can you add value in it at your very best.

3. Evaluation and Planning:

Third and important step is that, Are the activities worth making changes?, Which you want to be done for personal or others.