What is supply chain? Discuss in detail the attributes of a supply chain node.
Answers
In commerce, supply-chain management (SCM), the management of the flow of goods and services,[2] involves the movement and storage of raw materials, of work-in-process inventory, and of finished goods from point of origin to point of consumption. Interconnected or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain.[3] Supply-chain management has been defined [4] 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."[5] SCM practice draws heavily from the areas of industrial engineering, systems engineering, operations management, logistics, procurement, information technology, and marketing [6] and strives for an integrated approach.[citation needed] Marketing channels play an important role in supply-chain management.[6] Current research in supply-chain management is concerned with topics related to sustainability and risk management,[7] among others. Some suggest that the “people dimension” of SCM, ethical issues, internal integration, transparency/visibility, and human capital/talent management are topics that have, so far, been underrepresented on the research agenda.
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