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Advanced Vocabulary
Supply Chain Management - Answer Sheet
In supply chain management, companies must carefully manage their inventory to ensure they can meet customer demand without holding excessive stock. The process of moving goods from manufacturers to consumers is known as logistics. Effective supply chain management also involves reducing lead time, the amount of time it takes from placing an order to receiving the goods.
A reliable supplier is essential for maintaining smooth operations, and selecting the right partners is a key part of the procurement process. Companies often focus on improving efficiency in their operations, from production to distribution, in order to stay competitive. Proper warehousing ensures that goods are stored safely until they are needed for distribution.
