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Questions and Answers
What is the primary function of logistics in the supply chain?
What is the primary function of logistics in the supply chain?
- To manage the flow of goods from point of origin to consumption. (correct)
- To increase marketing efforts and customer engagement.
- To improve financial planning and budgeting.
- To enhance product design and development.
Which of the following is a key component of supply chain management?
Which of the following is a key component of supply chain management?
- Supplier relationship management and collaboration. (correct)
- Risk management strategies exclusively.
- Market analysis for advertising campaigns.
- Employee personal development programs.
In a just-in-time (JIT) inventory system, what is prioritized?
In a just-in-time (JIT) inventory system, what is prioritized?
- Producing goods only as they are needed. (correct)
- Redundant stock management to ensure excess supply.
- Maximizing inventory levels to prevent stockouts.
- Increasing the variety of products offered simultaneously.
What distinguishes third-party logistics (3PL) providers from traditional logistics?
What distinguishes third-party logistics (3PL) providers from traditional logistics?
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What is a significant challenge faced in supply chain management?
What is a significant challenge faced in supply chain management?
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Study Notes
Logistics in the Supply Chain
- Logistics plays a crucial role in moving goods and information, ensuring the right products reach the right place at the right time.
Key Components of Supply Chain Management
- Procurement, production, logistics, and customer relationship management are some of the key components of SCM.
Just-in-Time (JIT) Inventory System
- In a JIT system, minimizing inventory levels and reducing waste is prioritized.
Third-Party Logistics (3PL) Providers
- 3PL providers offer specialized logistics services, such as warehousing, transportation, and order fulfillment, which are not typically handled by traditional logistics departments within a company.
Challenges in Supply Chain Management
- Supply chain disruptions due to unforeseen events, like natural disasters or economic downturns, pose significant challenges to effective management.
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