Supply chain management refers to a. how the firm compensates the employees who work on the firm's internal stages of production. b. the 19th century practice of having barges move downstream with the flow of the river. c. the decisions around which stages of production to handle internally and which to buy from others. d. the contracts put in place to manage a firm's suppliers.

The answer is C: the decisions around which stages of production to handle internally and which to buy from others.

Explanation:

Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace. It's an effort by suppliers to develop and implement supply chains that are as efficient and economical as possible. By managing the supply chain, companies can cut excess costs and deliver products to the consumer faster. This is done by keeping tighter control of internal inventories, internal production, distribution, sales, and the inventories of company vendors.

The supply chain manager coordinates the logistics of all aspects of the supply chain which consists of five parts:

- The plan or strategy

- The source (of raw materials or services)

- Manufacturing (focused on productivity and efficiency)

- Delivery and logistics

- The return system (for defective or unwanted products)

To provide the Right Product, At the Right Time, Right Place and the Right Cost to the Customer, companies must analice wheter it is more efficient to produce internally or outsource to a supplier. This decision can be made in every link of the chain. In general the company protect the core business, what makes it unique and then decides what link of the chain of supplies to outsource.

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