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Evolution of Supply Chain Management

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Questions and Answers

What is the primary objective of Supply Chain Management according to the text?

Maximizing total system cost

Satisfying customer service requirements (correct)

Minimizing warehouse efficiency

Increasing raw material costs

In which decade did SCM transition from focusing on Inventory Management to a more integrated approach involving ERP and Purchasing?

1960s

1980s

1990s (correct)

1970s

What does SCM involve according to the Council of Logistics Management?

Strict separation of suppliers and factories

Disregard for customer service requirements

Integration of supply and demand management (correct)

Uncoordinated distribution of merchandise

What did the 2000's bring in terms of Supply Chain Management as per the text?

Enhanced value network optimization Signup and view all the answers

According to CSCMP, what activities does Supply Chain Management encompass?

Sourcing, procurement, conversion, and logistics management activities Signup and view all the answers

What characterizes SCM in the 1980s based on the text?

Focus on JIT – Materials Management Signup and view all the answers

What does supply chain management integrate?

Supply and demand management Signup and view all the answers

Who can be included as part of the channel partners involved in supply chain coordination?

Third party service providers Signup and view all the answers

What defines a supply chain?

The set of processes and resources needed for product delivery Signup and view all the answers

Which term best describes the sequence of organizations involved in producing and delivering a product or service?

Supply chain Signup and view all the answers

What does the supply chain network include?

Different activities, people, entities, information, and resources Signup and view all the answers

Why is collaboration with channel partners considered important in supply chain management?

To reduce costs and improve efficiency in the supply chain Signup and view all the answers