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 ?
Retailers seemed to have suffered the whiplash effect from a particularly busy summer.'
It is designed to stop the whiplash effect on a drivers' neck being thrown violently forward in a crash when the forces generated can cause injuries to the spinal column and neck.
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. I just think he was extraordinarily unlucky when he tackled John Clarke when he took the sort of hit that sparked off the thing again.
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.