ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tender:
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An assessment or calculation of the approximate cost or value of a product or service
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An offer for goods or services that follows a request for a quotation made by an officialbody, e.g. local government
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Tender is the process of asking suppliers to bid on products/services required by a company whereas quotation is the response to bidders, where they quote their price for goods/services. Quotation is also termed as an estimation given by professionals for jobs. Tender is more formal than quotations.
Detailed explanation-2: -The quotation is a fixed price offer, which once accepted by the customer, cannot be modified or changed. On the other extreme, the tender is a response to the invitation to tender, which is used to find out the best value for money, from the prospective suppliers.
There is 1 question to complete.