Supply Chain

What does supply chain refer to?

• The stages goods and services go through from their source to the end consumer

• The process of transporting a product from one location to another

• The process of getting a good or service from a warehouse to the end customer

What does procurement refer to?

• Procurement means getting products to the customer in a time efficient manner

• Procurement refers to getting the highest quality products available

• Procurement means getting the right supplies from the right supplier, at the right price

What does logistics refer to?

• The transportation, storage and distribution of supplies

• The process of ensuring that supplies are ordered in the correct amount at the right time

• The distribution of supplies to the end customer only

The transportation, storage and distribution of supplies. Distribution to the end customer is only a small part of the process.

• The process of ensuring supplies reach the end consumer

• The process of managing and ordering stock

• The process of using computers to manage stock levels

What does the term JIT mean?

• Just In Case

• Just In Time

• Just in Transport

What does JIT mean in terms of managing stock?

• Supplies arrive just as they are required

• Supplies are stored as a safety net in case they are required

• Using traditional stock management methods

How might stakeholders be negatively impacted by supply and logistics?

• High quality products

• Products arriving on time

• Poor quality products

What is an advantage of buffer stock?

• Businesses have spare supplies in case of emergency

• Businesses need space for storage

• Businesses have lots of capital invested in stock

What is computerised stock control?

• Using computers to place new stock orders

• Controlling and monitoring stock using computer software

• Using self-checkout tills in a supermarket

What are raw materials?

• Completed products that are ready for sale

• Ingredients used to make a food before it is cooked

• The materials used to produce goods.