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Achieving such a goal, however, is quite challenging and most businesses adopt inventory strategies that best enable them to fulfill their most primary needs (e.g. reducing inventory costs and delivering high-quality products). Supply chain management relates to “the management and coordination of a products supply chain for the purpose of increasing efficiency and profitability” (Investopedia, 2008). In order to deliver quality products to customers in a timely manner while decreasing operating costs, businesses must have a sound understanding of supply chain management (SCM) and all that it entails...
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