There Are Four Steps in the Managing Sourcing and Procurement

question 34

Multiple Choice

There are four steps in the Managing Sourcing and Procurement Processes. Which does not belong?

• A) determine the type of purchase
• B) determine the necessary levels of investment
• C) evaluate the effectiveness of the strategic sourcing process
• D) examine off shore and e-procurement suppliers

Identify the factors influencing demand elasticity, including income and substitution effects.

Distinguish between different types of goods (normal, inferior) based on income and price elasticity.

Grasp the concept of consumer surplus and the impact of reservation prices.

Understand the aggregation of individual demand curves into market demand.

---

Definitions:

Technological Advances

Progress and innovations in technology that enhance capabilities and functionalities.

Voluntary Stable

Chosen or consensual stability, often referring to relationships or employment situations where parties are committed by choice rather than necessity.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Voluntary Stable

Refers to a situation or condition that is maintained voluntarily by individuals or entities because it is seen as desirable or beneficial.