explain this in details using simple terms:What Is a Supply Chain? A supply chain is a dynamic network involving the flow of information, products, and funds between multiple stakeholders like suppliers, manufacturers, distributors, retailers, and customers. It is more accurately described as a supply network or web due to its complex structure. The primary goal is to satisfy customer needs efficiently while generating profit, known as supply chain surplus (Customer Value Supply Chain Cost). Objective of a Supply Chain The objective is to maximize supply chain surplus, which leads to higher profitability. All revenue comes from the customer, and other financial flows are internal redistributions within the supply chain. Supply Chain vs. Logistics Logistics is a subset of supply chain management focused on the efficient flow and storage of goods, services, and information between the origin and the customer. It manages: Material Flow (movement of goods) Information Flow (sharing of demand and supply data) Importance of Supply Chain Decisions Effective management of flows leads to success, as shown by companies like Amazon, Walmart, and Dell. Dells supply chain success stemmed from direct sales and centralized manufacturing but had to evolve with market changes to include retail sales and outsourcing. Evolution of Supply Chain Management 1950s60s: Focus on mass production, not flexibility or supplier collaboration. 1970s80s: Emergence of MRP and MRPII systems. 1980s90s: Supply chain management formalized; focus on global logistics, supplier quality, and customer service. Decision Phases in Supply Chain Strategy/Design (Years): Defines overall structurefacility locations, outsourcing, transportation modes. Planning (Quarter to Year): Optimizes operations within the existing structure using forecasts. Operations (Daily/Weekly): Manages day-to-day orders and logistics to meet customer demand efficiently.