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)
“We are all bound to the throne of the Supreme Being by a flexible chain which restrains without enslaving us. The most wonderful aspect of the universal scheme of things is the action of free beings under divine guidance.”
—Joseph De Maistre (1753–1821)
“This we take it is the grand characteristic of our age. By our skill in Mechanism, it has come to pass, that in the management of external things we excel all other ages; while in whatever respects the pure moral nature, in true dignity of soul and character, we are perhaps inferior to most civilised ages.”
—Thomas Carlyle (1795–1881)