Supply Chain Management Refers to

question 2

Multiple Choice

Supply chain management refers to

• A)the integration and organization of information and logistic activities across firms for the purpose of creating and delivering products that provide value to ultimate consumers.
• B)organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and information from point-of-origin to point-of-consumption to satisfy customer requirements.
• C)the integration and organization of information and logistical activities that actively bring consumers together with sellers through the express use of agents and brokers.
• D)an inventory management system that is designed to reduce the retailer's lead time for receiving merchandise, which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistic expenses.
• E)a highly organized system that facilitates minute-to-minute communication between all members of a supply chain and ensures the producer is aware of any changes in delivery or demand for a product or service

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual market price they receive.

Support Price

A price level set by the government or a regulatory body to stabilize the market price of a commodity, often by purchasing the commodity at this price or providing subsidies to producers.

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service versus what they actually receive in the market.

Government Policy

Governmental actions intended to influence economy or social behavior, including laws, regulations, and fiscal decisions.