Question

Which of the following is TRUE?a. PL stands for Three Point b. LogisticsVMI stands for Vendor Managed c. InventoryVMI stands for Vertically Managed d. Inventory3PL stands for Third Party Leverage

Answer 1

Question:

Which of the following is TRUE?

a. 3PL stands for Three Point Logistics b. VMI stands for Vendor Managed Inventory c. VMI stands for Vertically Managed Inventory d. 3PL stands for Third Party Leverage

Answer:

b. VMI stands for Vendor Managed Inventory

Explanation:

Vendor Managed Inventory (VMI): Is a type of business where the vendor supplies orders of goods or services for the buyer of a product, based on the information that is provided by the buyer of the product to the supplier i.e the vendor. Vendors act as intermediary between the sellers of a product and the buyers of the product. An example of online business vendors are Alibaba. They helps in minimizing business operating cost, thereby reducing selling price of products.  

Answer 2

Question is incorrect.

Here is the correct choices:

• VMI stands for Vertically Managed Inventory
• 3PL stands for Third Party Leverage
• VMI stands for Vendor-Managed Inventory
• 3PL stands for Three Point Logistics

Answer:

VMI stands for Vendor-Managed Inventory is true.

Explanation:

Vendor Managed Inventory: A model used in business in which the vendor(Supplier) is responsible for managing the inventory of buyer. It becomes supplier's duty to provide the particular product (Which was told by buyer) at the location of buyer's wish.