Define Logistics and Explain Why It Is Critical

question 75

Essay

Define logistics and explain why it is critical.

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Definitions:

Total Cost

The complete cost of production that includes both fixed and variable expenses incurred to produce a good or service.

Quantity

The quantity of a physical or intangible asset or service.

Managers

Individuals in an organization responsible for directing and overseeing the work of others to achieve the organization's goals.

Owners

Owners refer to individuals or entities that legally possess an asset, property, or business, holding rights to use, manage, and earn benefits from it.