Understanding Supply Chain Concepts

What is a facility designed for temporary storage called?

• warehouse

• distribution center

• storage unit

• loading dock

What are the costs related to storing and maintaining inventory over time known as?

• Inventory costs

• Inventory taxes

• Logistics costs

• Storage fees

What is the management of materials, information, and finances from supplier to consumer called?

• Supply Chain Management

• Financial Oversight

• Inventory Control

• Logistics Management

What term describes the raw materials and finished goods ready for sale?

• supplies

• assets

• merchandise

• inventory

What activities are employed to maintain the optimum number of each inventory item?

• Inventory shrinkage analysis

• Demand forecasting, inventory audits, reorder point analysis, safety stock calculations, just-in-time inventory management.

• Supplier negotiation strategies

• Seasonal sales promotions

What is the movement of product from one location to another referred to as?

• Distribution

• Transportation

• Delivery

• Logistics

What is the purpose of a warehouse in supply chain management?

• To provide transportation services for goods.

• To serve as a retail space for customers.

• The purpose of a warehouse in supply chain management is to store and manage inventory efficiently.

• To manufacture products on-site.

What is the significance of inventory management in a business?

• Inventory management is significant for optimizing stock levels, reducing costs, and improving customer satisfaction.

• Inventory management is solely about tracking sales trends.

• Inventory management has no impact on customer satisfaction.

• Inventory management is only important for large businesses.

What is the commercial or industrial property such as
a building, plant, or structure, built, established,
or installed for the performance of one or more
specific activities or functions called

?

• Facilities

• Industrial warehouses

• Commercial offices

• Residential buildings

How does supply chain management impact overall business efficiency?

• Supply chain management only focuses on inventory management.

• Supply chain management has no effect on customer satisfaction.

• Supply chain management increases operational complexity without benefits.

• Supply chain management enhances business efficiency by optimizing processes, reducing costs, and improving customer satisfaction.