When Developing an Awareness Program,be Sure To: Focus on People

question 71

True/False

When developing an awareness program,be sure to: Focus on people both as part of the problem and as part of the solution.

Distinguish between metric, measure, and index, and understand the concept of order cycle time (OCT) and its implications.

Appreciate the importance of involving customers and suppliers in the development of metrics.

Understand the factors crucial to the development of successful supply chain metrics and the impact of logistics service on financial performance.

Comprehend the financial impact of supply chain decisions on an organization, including the revenue-cost savings connection.

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Definitions:

Excess Supply

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Price

is the amount of money required to purchase a good or service, serving as the exchange rate between money and the good or service.

Quantity Supplied

Quantity Supplied refers to the amount of a good or service that producers are willing and able to sell at a given price.

Market Equilibrium

Occurs when the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, resulting in a stable market price.