Which of the Following Steps for Supplier Development Involves Cost

question 10

Multiple Choice

Which of the following steps for supplier development involves cost, commitments of resources, metrics for improvement, project charters, accountability, and deliverables?

• A) Identify critical products and services.
• B) Identify key projects.
• C) Monitor status and modify strategies.
• D) Identify critical suppliers.
• E) Define details of agreement.

---

Definitions:

Production Possibilities

The various combinations of goods and services that an economy can produce when all its resources are fully and efficiently employed, illustrated by the production possibilities frontier.

Capital Goods

Assets utilized by businesses to create wealth through the manufacturing of goods and services, including buildings and tools.

Opportunity Cost

The sacrifice of potential rewards from different possibilities upon opting for one alternative.

Production Possibilities Curve

A graphical representation showing the maximum combination of goods or services that can be produced with given resources and technology.