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Questions and Answers
What is a vendor?
What is a vendor?
- A distributor of products and services to businesses or individual customers
- A seller of products and services to businesses or individual customers (correct)
- A buyer of products and services from businesses or individual customers
- A manufacturer of products and services for businesses or individual customers
Why is a robust vendor selection process essential?
Why is a robust vendor selection process essential?
- To reduce the number of vendors
- To speed up the production schedule
- To ensure on-time delivery and quality products (correct)
- To increase the number of stockouts
What are the consequences of poor vendor selection for manufacturers?
What are the consequences of poor vendor selection for manufacturers?
- Increase in sales due to stockouts
- Improved customer reputation
- Decrease in customer deliveries
- Slippage in the production schedule (correct)
What does ERM stand for in the context of vendor selection?
What does ERM stand for in the context of vendor selection?
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What is another term for a vendor?
What is another term for a vendor?
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What is a key purpose of performing supplier evaluations?
What is a key purpose of performing supplier evaluations?
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What is one of the criteria used to evaluate a supplier?
What is one of the criteria used to evaluate a supplier?
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Why is learning about the supplier evaluation process important?
Why is learning about the supplier evaluation process important?
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What type of organizations use supplier evaluations?
What type of organizations use supplier evaluations?
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What does the supplier evaluation process help organizations determine?
What does the supplier evaluation process help organizations determine?
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