BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
An assessment or calculation of the approximate cost or value of a product or service
|
|
|
An offer for goods or services that follows a request for a quotation made by an officialbody, e.g. local government
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -A Request for Quote (RFQ) is for purchasing goods and services that are lower in risk and complexity. A Request for Tender (RFT) is for the purchase of goods and services that are high in complexity or risk, which can be strategic by nature.
Detailed explanation-2: -Open tender Open tendering allows anyone to submit a tender to supply the goods or services required and offers an equal opportunity to any organisation to submit a tender. This type of tender is most common for the engineering and construction industry.
Detailed explanation-3: -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.
Detailed explanation-4: -In India there are various types of tenders like open tender, selective tender, serial tender, negotiated tender and term tender.