Answer to Question #27597 in Microeconomics for yanzey

Question

Logistics refers to the design and administration systems to control movement and geographical positioning of raw materials, work-in-process, and finished inventories at the lowest total cost. To achieve lowest total cost means that financial and human assets committed to logistics must be held to an absolute minimum. It is also necessary to uphold operational expenditures as low as possible. The combinations of resources, skills, and systems required to achieve lean logistics are challenging to integrate but once achieved such integrated competency is difficult for competitors to replicate.

A. In education, explain who are the raw materials, work-in-process, and finished inventories? Explain how could financial and human assets committed to logistics be held to an absolute minimum? Draw a conceptual framework and explain.

B. Explain : “The combinations of resources, skills, and systems required to achieve lean logistics are challenging to integrate but once achieved such integrated competency is difficult for competitors.”