Asked by Riley Bynum on May 23, 2024
Verified
By identifying and eliminating the causes of uncertainty and risk in the supply chain,the supply manager may be able to reduce the needed inventories and therefore buy a lower quantity.
Uncertainty
The lack of certainty or predictability in situations, which can impact decision-making and planning in businesses and personal affairs.
Inventories
Quantities of goods or materials that are held by a business as part of its current assets for the purpose of resale or production.
Supply Chain
A system connecting a business with its providers to manufacture and deliver a particular item to the end consumer.
- Recognize the crucial importance of risk management strategies in supply chains, involving the steps of identifying, evaluating, and lessening risks.
Verified Answer
Learning Objectives
- Recognize the crucial importance of risk management strategies in supply chains, involving the steps of identifying, evaluating, and lessening risks.
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