Question
What are the three important concepts relevant to the logistics management by an organization? Explain them briefly and state which one you regard as the best approach and why?
Answer :
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1. The Cost Trade off Concept:
According to this concept, various costs related to logistics management system cannot be treated separately and a trade-off has to be created to achieve the objective of overall cost minimization. For example, a firm may increase the number of warehouses (involves investment/opportunity cost). This may help in reducing the transportation cost but at the same time it may elevate the inventory and order processing costs.
Thus a firm has to draw balance/trade
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