Supply chain management (SCM) is the management of a network of interconnected businesses involved in the provision of product and service packages required by the end customers in a supply chain. 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.
Another definition is provided by the APICS Dictionary when it defines SCM as the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally."
Read more about Supply Chain Management: Origin of The Term and Definitions, Problems Addressed, Activities/functions, Importance, Historical Developments, Business Process Integration, Theories, Supply Chain Centroids, Tax Efficient Supply Chain Management, Supply Chain Sustainability, Systems and Value, Global Applications, Certification
Famous quotes containing the words supply, chain and/or management:
“One cool judgment is worth a thousand hasty counsels. The thing to do is to supply light and not heat.”
—Woodrow Wilson (1856–1924)
“Man ... cannot learn to forget, but hangs on the past: however far or fast he runs, that chain runs with him.”
—Friedrich Nietzsche (1844–1900)
“No officer should be required or permitted to take part in the management of political organizations, caucuses, conventions, or election campaigns. Their right to vote and to express their views on public questions, either orally or through the press, is not denied, provided it does not interfere with the discharge of their official duties. No assessment for political purposes on officers or subordinates should be allowed.”
—Rutherford Birchard Hayes (1822–1893)