Question

What is the difference between total cost concept and total system concept in logistics management?

Answer 1

Total Cost Concept requires or needs the management of supply chain for trade whereas, Total System Concept helps in minimizing the overall cost of logistics. Logistics management is the part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption to meet customer requirements.