Supply chain optimization addresses the general supply chain problem of delivering products to customers at the lowest total cost and highest profit. This includes trading off the costs of inventory, transportation, distributing and manufacturing. (1)
The coordination of linked resources across all or part of a supply chain in eliminating or reducing manufacturing and logistics bottlenecks and creating optimized schedules based on shared inventory and order information. (2)
An algorithm or process for finding the best configuration of a supply chain network. (3)
Supply chain optimization is the practice of combining resources in a supply chain with the intent of eliminating bottlenecks and other problems that interfere with the process and helping the supply chain function in a more smooth, timely and cost-effective manner. (4)
Someone once told me the prime responsibility of the supply chain management is to manage the spend. So to that I would say Supply Chain optimization the chain with the highest value, shortest length, and the lowest total cost.