what are the four important elements of supply chain management?
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A supply chain involves four general activities, including purchasing, production, inventory management, and transportation and distribution.
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A supply chain is a system of organisations, people, activities, information and resources involved in moving a product or service from a supplier to customer. Supply chain modelling is an essential component of developing and validating supply chain and distribution strategies.
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['Materials Requirements Planning. It is one of the most important steps in material management as the inventory of materials costs around 60% of the total investment. ... ', 'Purchasing. ... ', 'Inventory Planning and Control. ... ', 'Flow and Supply of Materials. ... ', 'Quality Control of Materials.']
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There are four recognized elements of financial management: (1) planning, (2) control- ling, (3) organizing and directing, and (4) decision making.
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Quality management ensures that an organization, product or service is consistent. It has four main components: quality planning, quality assurance, quality control and quality improvement. Quality management is focused not only on product and service quality, but also on the means to achieve it.
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Supply Chain Management (SCM) is a range of activities needed to plan, coordinate, schedule and control the procurement, production, and deliveries of products to customers. SCM is the backbone of eCommerce and is a very crucial component in its growth.
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A supply chain involves four general activities, including purchasing, production, inventory management, and transportation and distribution. Another important aspect of supply chain management is controlling the flow of information to make effective and efficient decisions.
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['supply chain design and planning.', 'procurement and supply management.', 'freight transportation.', 'warehouse design and management.', 'distribution network design and planning.', 'inventory management and control.']
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Simply put, a supply chain is a system of organisations, people, activities, information, and resources which are involved in moving a product or service from suppliers to the customer.
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['Operations management transforms inputs (labor, capital, equipment, land, buildings, materials, and information) into outputs ( goods and services ) that provide added value to customers.', 'All organizations must strive to maximize the quality of their transformation processes to meet customer needs.']
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['Inventory management - for tracking and managing the availability of raw materials, stocked goods or spare parts. ... ', 'Order management - for automating purchase order processes. ... ', 'Logistics and shipping status - for coordinating transportation channels, improving delivery performance and boosting customer satisfaction.']
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['Quality. ... ', 'Risk. ... ', 'Resources. ... ', 'Sustainability. ... ', 'Organizational Processes & Structures. ... ', 'Methodology. ... ', 'Customer Satisfaction.']
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Supply Chain Management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption (supply chain). Materials management is the branch of logistics that deals with the tangible components of a supply chain.
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The Supply Chain Management Specialization is made up of four basic courses in logistics, operations, planning, and sourcing, followed by a capstone course in Supply Chain Management Strategy. The Supply Chain Logistics course will cover transportation, warehousing and inventory, and logistics network design.
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['Standardize the process and draw it out. ... ', 'Use resources effectively. ... ', 'Keep material moving. ... ', 'Keep the process simple. ... ', 'Hedge against variability. ... ', "Don't fall in love with technology. ... ", 'Manage the supply chain. ... ', 'Improve quality.']
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The key processes of supply chain management include customer relationship management, supplier relationship management, customer service management, demand management, order fulfillment, manufacturing flow management, product development and commercialization, and returns management.
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['Professionalism. All participants of the supply chain process should exhibit a high standard of professionalism. ... ', 'Personal Integrity. ... ', 'Transparency and accountability. ... ', 'Compliance and continuous improvement.']