Why Is Value Chain and Supply Chain Management Important in Operations

question 73

Essay

Why is value chain and supply chain management important in operations management?

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a certain time period.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied of a product responds infinitely to even the smallest change in price.

Inelastic

Refers to a situation where the demand or supply of a good or service is relatively unresponsive to changes in price.

Price Effect

The impact on consumer demand and supply of goods caused by changes in the price of a product or service.