Supply chain management
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Supply Chain Management
Supply Chain Management (pronunciation: suh-ply cheyn man-ij-muhnt) is the active management of supply chain activities to maximize customer value and achieve a sustainable competitive advantage. It represents a conscious effort by the supply chain firms to develop and run supply chains in the most effective & efficient ways possible.
Etymology
The term "Supply Chain Management" was first coined by Keith Oliver in 1982. The term "supply chain" refers to the sequence of processes involved in the production and distribution of a commodity, while "management" refers to the coordination and administration of tasks to achieve a set goal.
Related Terms
- Procurement: The process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.
- Logistics: The detailed coordination of a complex operation involving many people, facilities, or supplies.
- Inventory Management: The supervision of non-capitalized assets, or inventory, and stock items.
- Demand Forecasting: The process of predicting future sales to optimize supply chain processes.
- Production Planning: The planning of production and manufacturing modules in a company or industry.
- Distribution: The process of making a product or service available for the consumer or business user who needs it.
See Also
References
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