SCMT Key Terms
Supply chain management
The process of smoothing transitions along the supply chain so that the firm can satisfy its customers with quality products and services; focuses on developing tight bonds with suppliers.
Procurement
The action of obtaining equipment or supplies for a business
Logistics
The coordination of a complex operation involving a large amount of people, facilities, or supplies
Production
The creation of products and services by turning inputs, such as natural resources, raw materials, human resources, and capital, into outputs, which are products and services
Operations
The design, execution, and control of operations that convert resources into desired goods and services and implement a company's business strategy.
Inventory management
The determination of how much of each type of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory
Supply chain
The entire sequence of securing inputs, producing goods, and delivering goods to customers.
Inputs
natural resources, raw materials, human resources, and capital
Outputs
products and services
Supply chain sustainability
the management of environmental, social, and economic impacts, and the encouragement of good governance practices, throughout the lifecycles of goods and services.