Explain the differences between internal and external risks and give an example of each.

Describe the main risks to a supply chain when JIT (just-in-time) strategies are used.
Clearly describe the differences between uncertainty and risk. Give an example with the explanation of each term. (4 points)

Clearly explain the term probability. (1 point)
Explain the term “ignorance” in the context of decision making and explain why it Asometimes exists. (2 points)

Explain why decisions with certainty can be difficult. (2 points)
Describe the primary aims of supply chain management. (2 points)

Explain the term logistics from a supply chain management perspective and why logistics is so important.