If the Buyer Does Not Have a Clear and Unambiguous

question 3

Multiple Choice

If the buyer does not have a clear and unambiguous description or specification and wants to find out which supplier can deliver the best value when and where needed,he or she will typically issue a:

• A)request for quotation (RFQ).
• B)request for proposal (RFP).
• C)request for information (RFI).
• D)request for bid (RFB).
• E)request for suggestions (RFS).

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Definitions:

Statistical Probability

The likelihood of an event occurring based on a mathematical model, often expressed as a number between 0 and 1.

T-test

A statistical test used to compare the means of two groups to determine if they come from the same population.

Alpha

A predetermined threshold in hypothesis testing that defines the probability of making a Type I Error, usually set at 0.05, indicating a 5% risk of false positive.