What is logistics and supply chain management?

Logistics management is that part of supply chain management that plans, implements, and controls the efficient, effective forward and reverses flow and storage of goods, services and related information between the point of origin and the point of consumption in order to meet customers’ requirements.

What is the difference between logistics and inventory management?

What is Logistics & Inventory Management? The dictionary defines logistics as the detailed coordination of a complex operation involving many people, facilities, or supplies. Inventory management considers a number of complex variables including; risk, lead time, cost, location, transport, and service levels.

What exactly is supply chain management?

Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product’s flow, from acquiring raw materials and production through distribution to the final customer, in the most streamlined and cost-effective way possible.

What is the diffrence between SCM and logistics?

The following are the major differences between logistics and supply chain management: The flow and storage of goods inside and outside the firm are known as Logistics. The main aim of Logistics is full customer satisfaction. There is only one organisation involved in Logistics while some organisations are involved in Supply Chain Management. Supply Chain Management is a new concept as compared to Logistics.

What are examples of Supply Chain Management?

Examples of supply chain activities include farming, refining, design, manufacturing, packaging, and transportation. Because global supply chains are both logistically and technologically complicated, there are now global supply chain management specialists and firms who oversee the process for many different retail companies.

What is the function of Supply Chain Management?

Supply chain management involves five main functions: aligning flows, integrating functions, coordinating processes, designing complex systems, and managing resources.

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