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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The .22 TCM cartridge was originally the brainchild of custom gunsmith Fred Craig.
In the present study, a significant relationship was also identified between TCM use and income, being more common among the patients with a higher monthly income.
The third section centered on types of TCM used for knee OA during the previous year and the fourth section was on Western Ontario and McMaster Universities Arthritis Index (WOMAC).
It is also often used to promote an immune response to fight a cold virus (in TCM, this is called cold wind invasion')," says Dr.
BUCM teaches TCM and is also involved in the Cochrane Collaboration, a global independent network of researchers, professionals, patients, carers and individuals interested in health.
To prioritize TCM-Disease connection, we performed a permutation test to compute the statistical significance of a TCM to be prioritized for treating a specific disease [16].
TCM also is an excellent choice to load .357 Mag., .44 Mag., and .45 Colt high-pressure (30,000 psi) handloads topped with heavy, hard-cast bullets.
Old Point National Bank has signed with TCM Bank, N.A., a subsidiary of ICBA Bancard, to join its Total Card Management credit card agent program, the company said.
Qualitative data at micro level was gathered through interviews and second-hand material collection at two of the top-level TCM hospitals.
We reviewed the framework of 115 clinical practice guidelines of TCM. The subjects of these guidelines are related to internal surgery, tumor, gynecology, pediatrics, and dermatology.
The patient was diagnosed with TCM caused by previous CAG with ergonovine provocation test and was admitted for close observation.