5 Questions
What is a supply chain and what does it involve?
A supply chain is a global network that involves the flow of products and services from raw materials to end customers through information flow, physical distribution, and cash.
How can a supply chain be defined?
A supply chain can be defined as an integrated process where various business entities like suppliers, manufacturers/producers, dealers, retailers, and customers work together to acquire raw materials, convert them into specified final products, and deliver these products to retailers.
Who coined the term 'supply chain management' and when?
The term 'supply chain management' was first coined by Keith Oliver in 1982.
What are supply chains principally concerned with?
Supply chains are principally concerned with the flow of products and information between supply chain member organizations, including procurement of materials, transformation of materials into finished products, and distribution of those products to end customers.
How are information-driven, integrated supply chains benefiting organizations?
Information-driven, integrated supply chains are enabling organizations to reduce inventory and costs, add product value, and extend their reach to customers.
Study Notes
Supply Chain
- A supply chain is a global network that delivers products and services from raw materials to end customers through information flow, physical distribution, and cash.
- It involves an integrated process where various business entities, including suppliers, manufacturers, dealers, retailers, and customers, work together.
- The process involves acquiring raw materials, converting them into final products, and delivering these products to retailers.
History of Supply Chain Management
- The term "supply chain management" was first coined by Keith Oliver in 1982.
Objectives of Supply Chain Management
- Supply chains are primarily concerned with the flow of products and information between supply chain member organizations.
- The objectives include procurement of materials, transformation of materials into finished products, and distribution of those products to end customers.
Benefits of Supply Chain Management
- Today's information-driven, integrated supply chains enable organizations to reduce inventory and costs.
- They also enable organizations to add product value.
Test your knowledge of supply chain management with this quiz! Learn about the various entities involved, the flow of information and products, and the importance of collaboration in the global supply chain.
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