The Practice of Organizing the Cost-Effective Flow of Raw Materials

question 67

Multiple Choice

The practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements is referred to as

• A) the inventory management process.
• B) logistics management.
• C) production management.
• D) manufacturer distribution logistics.
• E) supply-chain management.

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Definitions:

Contractual Promise

A binding pledge or agreement between parties that is enforceable by law.

Unauthorized Alteration

A change made to a document, instrument, or agreement without the consent or knowledge of all parties involved, which can affect its validity or legality.

Material Terms

Significant conditions and details in a contract that are essential to the agreement and affect the parties' obligations and expectations.

Written Contract

A legally binding agreement that has been put in writing and signed by the parties involved.