Which factor in the business environment can directly affect supply chain manage
Practice Questions
Q1
Which factor in the business environment can directly affect supply chain management?
Political Environment
Social Environment
Technological Environment
Economic Environment
Questions & Step-by-Step Solutions
Which factor in the business environment can directly affect supply chain management?
Correct Answer: Economic environment
Step 1: Understand what supply chain management is. It involves the process of managing how products are created and delivered to customers.
Step 2: Identify the business environment. This includes various factors like economic conditions, regulations, technology, and competition.
Step 3: Focus on the economic environment. This refers to the overall economic conditions that can impact businesses.
Step 4: Recognize specific economic factors. Examples include inflation (which affects costs) and resource availability (which affects how easily materials can be obtained).
Step 5: Connect the dots. Understand that changes in the economic environment can lead to changes in supply chain management, such as increased costs or difficulties in sourcing materials.
