Define the Concept of Vendor-Managed Inventory (VMI)

question 69

Essay

Define the concept of vendor-managed inventory (VMI). How does VMI improve supply chain performance?

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Definitions:

Conditioned Stimulus

A stimulus that initially has no effect but becomes able to provoke a specific response through association with an unconditioned stimulus.

Extinction

In psychology, the process through which a conditioned response decreases or disappears as a consequence of repeated exposure to the conditioned stimulus without the unconditioned stimulus.

Stimulus Discrimination

The learned ability to distinguish between a conditioned stimulus and other stimuli that have not been paired with an unconditioned stimulus.

Conditioned Stimulus

A previously neutral stimulus that, after being repeatedly paired with an unconditioned stimulus, elicits a conditioned response.