supply chain management

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Supply Chain Management

The act or process of ensuring that one's business has the proper supplies in order to continue operations. Supply management involves ensuring that supplies are procured as cheaply as possible. For example, a construction company must procure cement, wood, and nails efficiently and inexpensively; equally, a consulting firm must make sure that research materials are easily available. Large companies often devote whole divisions to supply chain management, giving them budgets of millions of dollars to help the company save money.

There are two basic types of supply chain management: just in time and just in case. A just in time supply chain management strategy involves keeping only enough inventory to meet immediate business needs. This requires constant monitoring but can save a significant amount money. A just in case strategy, on the other hand, keeps a larger inventory to meet unexpected increases in demand. This saves less money (depending on the nature of the business and matters like carrying costs) but can be easier to manage.

supply chain management

a term used to describe the management of inventory (STOCK), not only within a firm but also along the network of suppliers and customers which constitute the SUPPLY CHAIN or VALUE-ADDED CHAIN. Supply chain management employs a variety of methods such as STOCK CONTROL, MATERIALS REQUIREMENT PLANNING and DISTRIBUTED REQUIREMENT PLANNING to both minimize stock-holding costs while maintaining effective distributed levels of servicing customer orders. See SUPPLIER DEVELOPMENT.
References in periodicals archive ?
Michael Sexton's direction plays into the whiplash effect of Block's structure, but one approach here doesn't fit at all.
Though there is no crash impact, that 3g force is going to cause a considerable whiplash effect.
When he's in control there is no problem, it's when he's not and he is scrambling to make a tackle or the player moves suddenly at the last second and he sometimes gets twisted and gets a whiplash effect.
On the safety front, as well as twin airbags, side bags and five cross-over seat belts Tino is also fitted with active head restraints to minimise whiplash effect in any impact.
Boxers train to take punches like that by strengthening neck muscles, which help absorb the whiplash effect of the blows.
ABS, backed up with electronic brake distribution, and brake assist to give you maximum stopping power in an emergency are also available, as are active head restraints to minimise whiplash effect in an impact.
Safety features include twin airbags, side bags, Saab's safety cage around the cockpit and active head restraints that move to cushion any whiplash effect.
The results showed the bleeding around the brain, and the experts concluded the injuries on both occasions were caused by Ryan being shaken with "significant force" creating a whiplash effect that neurosurgeon Jonathan Punt compared to being in a 70mph crash.