ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is the methodology used to identify and manage the right product suppliers, considering vendor capabilities, pricing, and service levels?
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Procurement
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Purchasing
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Sourcing
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None of the above
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Explanation:
Detailed explanation-1: -Supplier relationship management (SRM) is the systematic approach to evaluating vendors that supply goods, materials and services to an organization, determining each supplier’s contribution to success and developing strategies to improve their performance.
Detailed explanation-2: -Supplier selection is the process by which firms identify, evaluate, and contract with suppliers.
Detailed explanation-3: -Align Supplier Management Strategy with Business Objectives. Choose the Right Supplier. Sign a Service Level Agreement. Design a Clear Onboarding Process. Manage Your Vendors Through a Self-Service Portal. Automate Menial Tasks. Monitor Performance. More items
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