ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increasing responsiveness results in
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Lower cost
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Higher cost
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Higher cost lower efficiency
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Low cost and high efficiency
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Explanation:
Detailed explanation-1: -We characterize supply chains as efficient or responsive. Efficient supply chains are able to deliver products at a low cost, while responsive supply chains are capable of responding quickly to changing con-sumer needs.
Detailed explanation-2: -Specifically, it can be seen that increasing safety stock is a trade-off decision because the responsiveness goal increases the willingness to accept higher safety stock, while the efficiency goal reduces the willingness to accept higher safety stock.
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