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What does Strategic Sourcing involve?
What does Strategic Sourcing involve?
- Identifying, evaluating, and selecting suppliers based on various criteria such as cost, quality, and reliability (correct)
- Coordinating planning activities across departments to optimize overall business performance
- Exploring opportunities for bulk purchasing, negotiation, and value engineering to optimize costs without compromising quality
- Managing and developing relationships with suppliers to maximize the value of the goods and services they provide
What is the focus of Supplier Relationship Management (SRM)?
What is the focus of Supplier Relationship Management (SRM)?
- Coordinating planning activities across departments to optimize overall business performance
- Managing and developing relationships with suppliers to maximize the value of the goods and services they provide (correct)
- Efficiently sourcing materials and services to meet demand while minimizing costs
- Ensuring production processes are streamlined, cost-effective, and aligned with demand
What is the main goal of Cost Reduction Strategies?
What is the main goal of Cost Reduction Strategies?
- Managing and developing relationships with suppliers to maximize the value of the goods and services they provide
- Coordinating planning activities across departments to optimize overall business performance
- Exploring opportunities for bulk purchasing, negotiation, and value engineering to optimize costs without compromising quality (correct)
- Ensuring production processes are streamlined, cost-effective, and aligned with demand
What does Technology in Procurement involve?
What does Technology in Procurement involve?
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