Advanced Business Vocabulary

1. Effective supply chain management aims to improve ______ throughout the entire process.

    confusion

    efficiency

    cost

2. The process of selecting and managing suppliers is known as ______.

    procurement

    logistics

    inventory

3. ______ refers to the storage of goods before they are sold or distributed.

    Distribution

    Procurement

    Warehousing

4. The time between placing an order and receiving the goods is called ______.

    lead time

    delivery time

    stock period

5. Goods moving from manufacturers to retailers is called ______.

    procurement

    supply

    distribution

6. When a company holds too much stock, this creates unnecessary costs in ______.

    logistics

    procurement

    inventory

7. To manage the supply chain efficiently, companies aim to minimise ______.

    inventory

    waste

    customers

8. Selecting a reliable ______ is crucial for ensuring the smooth flow of goods.

    employee

    supplier

    customer