It includes the movement and storage of raw materials, work-in-process inventory and finished goods from source to consumption. The broad objectives of Supply Chain Management are
to create value, build a competitive infrastructure, leverage worldwide logistics, synchronise supply with demand and measure performance
.
What are the objectives of supply chain management quizlet?
the objective of supply chain management is
to structure the supply chain to maximize its competitive advantage and benefits to the ultimate consumer
. -the coordination of all supply chain activities, staring with raw materials and ending with a satisfied customer.
What are the four 4 stages of supply chains?
There are four customary stages in a product's life cycle:
the introductory phase, the growth phase, the maturity phase and the decline phase
. Each phase is markedly different and often requires different value chains. Supply managers need to craft supply strategies that reflect the unique needs of each phase.
What are the five 5 basic components of supply chain management?
The Top-level of this model has five different processes which are also known as components of Supply Chain Management –
Plan, Source, Make, Deliver and Return
.
What are the three basic objectives of supply chain?
The primary purpose of the supply chain is to
fulfill demand, drive customer value, improve responsiveness, facilitate financial success and build a good network
. Most primary goals of efficient supply chain management should be – faster delivery, Higher efficiency, and an accelerated cash flow.
Why is it important to control the supply chain?
Supply chain management directly impacts product quality and the overall profitability of a company. For these reasons, quality control in the supply chain is
critical for maintaining a competitive edge in the marketplace and reducing operating costs
.
Why is it important to control the supply chain quizlet?
Why is the Supply Chain so Important?
The Process of planning, implementing and controlling supply chain operations
. Managing flow of information through supply chain in order to attain the level of Synchronization that will make it more responsive to customer needs while lowering costs.
What is the ultimate objective of supply chain management?
The ultimate goal of effective supply chain management is
higher profits through improved customer satisfaction and a lower cost of doing business
. Profits are healthier when costs are controlled and reduced wherever possible. Operating costs go down when the costs of raw materials and production go down.
What are the six components of supply chain?
- Strategy and Alignment. Supply chain philosophy is still a relatively new and developing area. …
- Supply Chain Assets & Routing. …
- Process, Procedures and Systems. …
- Planning and Communication. …
- Outsourcing. …
- People and Culture.
What is the first step in choosing a supply chain?
- Choose Your Inventory Assortment. This is where your genius as a founder comes in. …
- Forecast Demand. …
- Size Your Inventory Buys. …
- Track Your Purchase Orders. …
- Track Your Inventory. …
- Understand Your Inventory Position. …
- Fulfill Your Orders.
Who is the most important participant in the supply chain?
Your Sales Rep
: The Most Important Person in Supply Chain.
What are the 5 parts of supply chain management give example?
Supply chain management has five key elements—
planning, sourcing raw materials, manufacturing, delivery, and returns
.
What are the three components of a supply chain?
Generally the key aspects of Supply Chain management are
Purchasing (sourcing), Planning (scheduling) and Logistics (delivery)
.
What is an example of a supply chain?
A supply chain is comprised of all the businesses and individual contributors involved in creating a product, from raw materials to finished merchandise. … Examples of supply chain activities include
farming, refining, design, manufacturing, packaging, and transportation
.
What is the importance of supply?
Supply and demand have an
important relationship because together they determine the prices and quantities of most goods and services available in a given market
. According to the principles of a market economy, the relationship between supply and demand balances out at a point in the future.
What is important for effective supply chain creation?
Better Supply Chain Better Business
The
right product and the correct quantity must be delivered in a timely manner
, to appease both producers and distributors. Consumers want to be able to know the location they must go to obtain the goods that they want.
