ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
VMI stands for
|
|
Vendor material inventory
|
|
|
Vendor managed inventory
|
|
|
Variable material inventory
|
|
|
Valuable material inventory
|
Explanation:
Detailed explanation-1: -Vendor managed inventory (VMI) is an arrangement where suppliers manage inventory levels that have been pre-determined. In short, the supplier takes decisions on behalf of the retailer wherein the supplier replenishes the inventory continuously.
Detailed explanation-2: -The VMI process is a supply chain management strategy where a supplier manages the inventory at the customer’s location.
Detailed explanation-3: -The aim of vendor-managed inventory (VMI) is to integrate key customers in supply chain planning. The customer regularly sends stock and sales data to the vendor, and based on that information, the vendor determines replenishment requirements for the customer.
There is 1 question to complete.