Asked by Yousef Boresli on May 27, 2024
Verified
If a supply manager identifies and eliminates the causes of uncertainty and risk in the supply chain,the organization may be able to reduce the level of inventory.
Uncertainty
The state of having limited knowledge where it is impossible to exactly describe the existing state or future outcome.
Risk
The exposure to the possibility of loss, damage, or any other undesirable event.
Inventory
The raw materials, work-in-progress products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.
- Become acquainted with the critical role of risk management in supply chains, highlighting the processes of risk categorization, analysis, and reduction.
Verified Answer
Learning Objectives
- Become acquainted with the critical role of risk management in supply chains, highlighting the processes of risk categorization, analysis, and reduction.
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