What is a “supply chain,” and how are supply chains related to just-in-time inventory procedures?

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What is a “supply chain,” and how are supply chains related to just-in-time inventory procedures?

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What is a “supply chain,” and how are supply chains related to just-in-time inventory procedures?

Explanation & AnswerSolution by a verified expert

Explanation

The supply chain is a network between a company and its suppliers that involves production and delivery of a particular product or service to the final buyer. The main motive of a company to develop a supply chain is to lower the costs and faster the production rate.
 
After the invention of computers, the inventory method called just-in-time was launched that brings the material into the production process at the required time, which lessens the need for storing excessive material in the warehouse.
 
Just-in-time is a tool that helps the supply chain professionals to accomplish the needs of their customers by spending as little amount of money as possible. However, just-in-time inventory can minimize production or operational costs and compress time only when it works correctly.

Verified Answer

The supply chain is a network which involves producing a product and delivering the same to the customers.
 
Just-in-time is a tool that assists the supply chain professionals to increase the efficiency of the company by minimizing the production or operational costs and decreasing the wastage.

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