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Economic Principles of Supply Chain at Pratt and Whitney Corporation

Economic Principles of Supply Chain at Pratt and Whitney Corporation

Question Description

my paper is below, i have no idea what to add to the Analysis & Synthesis/Integration sections
will you please help me

My paper is explaining economic principles of the supply chain at Pratt & Whitney Corporation. I am a current employee and have been part of the supply chain for many years. My paper will detail supply and demand of material used in the overhaul and repair of their jet engines and attainable solutions.

Introduction

I wanted to write my graduate research paper about is the supply chain for Pratt & Whitney. Pratt & Whitney is a division of Raytheon Technologies. This company makes and repairs jet engines for commercial and military use.I have worked in the supply chain field for over 16 years and 12 years at Pratt & Whitney. I have been an employee of Pratt & Whitney since 2004. I feel that I am pretty familiar with supply & demand issues for product at the company and I have solutions that could be put into practice better supplying material to meet engine builds.

Literature Review

In this section, I have included a few economic principles I located when I started this paper (Wikiversity, n.d.). One economic practice I will discuss is how people face trade-offs. The opportunity costs or traded offs with repairing a jet engine. The cost of repairing a jet engine as opposed to the cost of routine maintenances to keep the engine running for years (AVBuyer, 2020). Jet engines shop visits should be scheduled after a defined period of cycles or flight hours. This is the time from takeoff to shutdown. Usually this is predetermined by the jet engine maker. A jet engine nee routine maintenance the same as you would maintain your automobile. A light shop visit would include oil change, wire/hose replacement, top off fluids, and engine diagnostics test. Paying to take the engine off wing and transported for this maintenance would be the opportunity cost as opposed to not maintaining the engine and suffering an inflight shut down.

The second economic principle is how people make decisions. Cost and benefit incentive for employees is always being considered. The aerospace industry undergoes tremendous highs and lows economically and workers need to perform, be motivated and work as a team to make good product and be successful (McQuerrey, 2020). Retirement benefits can influence workers to save for the future The incentives can be monetary or not. Extra time off or flexibility is important (FTE, 2020). These are some benefits that can be offered to workers to influence them to accept a job at Pratt & Whitney and for retaining good workers. These are rewards for good workers. Pratt & Whitney can also create incentives for their suppliers. They can partner with certain suppliers that are necessary for providing materials that are needed to build jet engines (Zuehlke, 2019).

The third economic principle is how people interact with each other. Pratt & Whitney can develop a good supplier partnership to ensure economic impact (Supply Chain Game Changer, n.d.). A supplier partnership should be a commitment to work together to the mutual benefit of both parties (Jusko, 2011).

Analysis

Cutting costs and lowering inventory but managing to still have material on hand is an everyday challenge. The raw material needs to be processed to ensure it will not rust, bend or break with in flight. Pratt & Whitney should act on opportunities to partner with raw material suppliers. They can create long term agreements (LTAs) with machine shops that list price, leadtimes and quality guidelines to guarantee sending work to these suppliers and in return having material available as needed.

Basically, there are two types of shop visits a jet engine will come in for: the first is low maintenance, which would be comparable to a tune up for your car’s engine. The hoses and electrical systems are checked, the fluids/oil are replaced, and the engine goes through a diagnostic check to make sure the engine is in top performance. The second type of visit is high maintenance, which is when there is an issue and the engine needs to be repaired or replaced. There is an opportunity cost of having an AOG (aircraft on ground), as opposed to a plane flying using a good engine.

The cost and benefit incentive for employees. Employees are a company’s biggest asset. In order to hire and retain good employees a company must pay a fair wage and offer training, and incentives. Employees that are treated better, will perform better and will produce better quality products.

Synthesis/Integration

In this section I will propose improvements for cutting costs, supplying material and improving workforce using the three economic principles.

Conclusion

My conclusion will tie the information together at the end with the solution.

References:

AVBuyer, 2020, Five Jet Engine Tips To Lower Maintenance Costs. Retrieved from:

https://www.avbuyer.com/articles/engines-biz-av/five-jet-engine-tips-to-lower-maintenance-costs-107118

Jusko, 2011, How to Build a Better Supplier Partnership. Retrieved from:

https://www.industryweek.com/the-economy/article/21934785/how-to-build-a-better-supplier-partnership

McQuerrey, 2020, Importance of Incentive Plans. Retrieved from:

https://smallbusiness.chron.com/importance-incentive-plans-75495.html

Supply Chain Game Changer, n.d. 7 Essential Attributes of Strategic Supplier Partnerships! Retrieved from: https://supplychaingamechanger.com/7-essential-attributes-of-strategic-supplier-partnerships/

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Regards,

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