Tell about incotrem, what is supply chain, MRP

Question

Accepted Answer

Incoterm is a set of international trade terms, supply chain is the network of activities involved in delivering a product to the end customer, MRP is a system for managing production and inventory.

Incoterm is a set of standardized terms used in international trade to define the responsibilities of buyers and sellers.
Supply chain refers to the entire process of delivering a product or service to the end customer, including sourcing, manufacturing, logistics, and distribution.
MRP (Material Requirements Planning) is a system used to manage production and inventory by determining what materials are needed, when they are needed, and in what quantities.
Incoterm examples include EXW (Ex Works), FOB (Free On Board), and CIF (Cost, Insurance, and Freight).
Supply chain activities can include procurement, production, transportation, warehousing, and customer service.
MRP helps optimize production schedules, minimize inventory levels, and ensure timely availability of materials.
Incoterm helps avoid misunderstandings and disputes by clearly defining the obligations and costs of each party involved in international trade.
Supply chain management involves coordinating and integrating various functions and stakeholders to achieve efficient and effective delivery of products or services.
MRP systems often use demand forecasts, bill of materials, and inventory data to calculate material requirements and generate production plans.

Tell about incotrem, what is supply chain, MRP

Top HR questions asked in Richi Circuitronix SCM Specialist