Questions and Answers
management of the flow of goods, data, and finances related to a product or service, from the procurement of raw materials to the delivery of the product at its final destination.
Supply Chain Management
The initial stage of the supply chain process is the planning stage. We need to develop a plan or strategy in order to address how the products and services will satisfy the demands and necessities of the customers. In this stage, the planning should mainly focus on designing a strategy that yields maximum profit.
Plan
network of suppliers, manufacturers, assemblers, supply and delivery centers, and logistics installations that perform functions such as material sourcing, processing, and shipment to buyers of those materials of an intermediate or finished product.
Supply chain
What is SCM?
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refers to the process of predicting demand, supply or pricing for a product.
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a demand planning process that deals with a large number of individual demand items. A demand plan is a plan for the provision of goods and or services to satisfy demand in a given area.
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is the process by which a firm decides how much to charge customers for its goods and services. Pricing affects the customer segments that choose to buy the product, as well as influencing the customer’s expectations.
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is an integral part of a company’s supply chain management strategy, alongside order management, accounting, warehouse operations, and customer management. inventory planning involves forecasting demand and deciding, exactly how much inventory and when to order.
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total goods in the market
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the amount of product available
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product features that influence the demand
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actions of product suppliers in the market
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elaborates predictions about future demand based on the expert opinion of consultants, professionals or employees with ample experience in a given industry
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is a method of predicting future demand based on the relationship between a dependent variable and one or more independent variables, such as price, promotion, weather, or seasonality.
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is a technique for the prediction of events through a sequence of time. It predicts future events by analyzing the trends of the past, on the assumption that future trends will hold similar to historical trends.
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scenarios help in evaluating different scenarios by changing the demand plan parameters, causal factors, or configuration of a forecasting profile.
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The use of prices can affect demand over time in business and whole supply chains. It tends to increase sales or gross profit depending on how the premium is used. The goal is to increase overall profits. Mostly, financial people or manufacturers choose to decide prices that boost demand during low times.
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group of strategies that are used to control inventory levels in various supply chain organizations. The objective is to decrease inventory costs while preserving the quality levels desired by consumers.
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is the acquisition procedure used by an organization to obtain the required products and services.
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