What Is Supply Chain Management (SCM)

question 331

Multiple Choice

What is Supply chain management (SCM) ?

• A)The management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profitability.
• B)Takes information entered into a given system and sends it automatically to all downstream systems and processes.
• C)A means of managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability.
• D)Connects the plans, methods, and tools aimed at integrating separate enterprise system.

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Definitions:

Standard Error

A measure that describes the distribution of sample means around the population mean, indicating the precision of the sample mean as an estimate of the population mean.

Plus Four Estimate

A method used in statistics to adjust a sample size by adding four observations: two at the high end and two at the low end of the dataset.

Sampling Variability

The natural variation in statistics (such as the mean) that occurs from one sample to another.

SRS

Simple random sampling, a basic probabilistic method ensuring each member of a population has an equal chance of being included in the sample.