Supply Chain Management Key Terms

Question 1

Supply Chain

Answer 1

the entire sequence of securing inputs, producing goods, and delivering goods to customers

Question 2

Supply Chain Management

Answer 2

the process of smoothing transitions along the supply chain so that the firm can satisfy its customers with quality products and services focuses on developing tight bonds with suppliers

Question 3

Procurement

Answer 3

the action of obtaining equipment or supplies for a business

Question 4

Operations

Answer 4

the design, execution, and control of operations that convert resources into desired goods and services and implement a company’s business strategy

Question 5

Logisitcs

Answer 5

the coordination of a complex operation involving a large amount of people, facilities, or supplies

Question 6

Inventory Management

Answer 6

the determination of how much of each types of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory

Question 7

Inputs

Answer 7

natural resources, raw materials, human resources, and capital

Question 8

Outputs

Answer 8

products and services

Question 9

Production

Answer 9

the creation of products and services by turning inputs (natural resources, raw materials, human resources, and capital) into outputs (products and services)

Question 10

Supply Chain Sustainability

Answer 10

management of environmental,social, and economic impacts