Supply Management
What Is Supply Chain Management?
Supply chain management is a procedure used by parties to ensure that their supply chain is effective and cost-effective. Generally, supply chain management is contained of five stages: plan, develop, make, deliver, and return. The first level in supply chain management is known as plan. A plan or scheme must be developed to address how a given good or service will meet the needs of the consumers.
Develop is the next stage in supply chain management. It necessitates building a strong relation with suppliers of the raw materials necessitated in making the production the company bears. Studying competitors and making decisions considering production and delivery would fall under the tactical category. The operational category includes the daily management of the supply chain, including the making of production schedules. Conversely, when there is a decrease in demand, they decrease or stop their orders to prevent excessive inventory.
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