Abstract
This paper describes a model of supply chain management (SCM). It explains overall supply chain issues, strategic importance of SCM, supply chain strategies and an example of mathematical formulation. A supply chain is a global network of organizations that cooperate to improve the flows of material and information between suppliers and customers at the lowest cost and the highest speed. The objective of a supply chain is customer satisfaction. At the strategic level, a supply chain can be considered as being composed of five activities: buy, make, move, store and sell. Each activity is a module. The set of modules, along with its links, constitutes a model of the supply chain. Our paper presents some insights into the supply chain strategies of companies in Croatia. The major goal of this paper is to show a model for supply chain management in mathematical terms, with an example of mathematical formulation.
Highlights
At the turn of the third millennium, world industry finds itself in probably the largest restructuring since the first industrial revolution
Chain Management (SCM) comprises process-oriented integration of planning, proceeding, coordination and control of material and information flows in a one-stage or multi-stage supply chain in the area of planning, purchasing, production and distribution
The major goal of this paper is to show a model for supply chain management in mathematical terms with an example of mathematical formulation
Summary
At the turn of the third millennium, world industry finds itself in probably the largest restructuring since the first industrial revolution. The progress is determined by two trends: l dynamic progress of information and communication technologies, which have enabled the creation of new markets and a redefinition of entire professions, l globalization of the economy thanks to new purchasing and selling markets. Such progress forces enterprises to modify their production strategies. New competitors and greater changes in demand in the course of time in a stagnant market are presenting enormous cost pressure for many enterprises. 3. The third industrial revolution: l new potentials obtained by the application of information and communication technologies, l structural changes in entire professions, l new products and markets. One possible conception for survival in a turbulent world market is chain cooperation involving the producer, his suppliers and customers, according to the concept of Supply Chain Management
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