SCM Exam 1 (1) - Chapter 1 SCM Exam 1 Supply Chain...

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SCM Exam 1 Chapter 1 § Supply Chain Management – The active management of supply chain activities and relationships in order to maximize customer value and achieve a sustainable competitive advantage. § Supply Chain – A network of manufacturers and service providers that work together to create products or services needed by end users. These manufacturers are linked together through physical flows, information flows, and monetary flows. § Why Study Supply Chain Management? § Every organization must make a product or provide a service that someone values. § Most organizations function as part of larger supply chains. § Organizations must carefully manage their operations and supply chains in order to prosper, and indeed, survive.
§ Operations Management – The planning, scheduling, and control of the activities that transform inputs into finished goods and services. § Supply Chain Terminology Focal Firm : The organization with which one identifies when discussing Supply

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