The Document Which Contains the Specifications of What Is Needed

question 18

Multiple Choice

The document which contains the specifications of what is needed and details the information that must be submitted by a supplier is known as

• A)request for quotation.
• B)bid specification.
• C)preferred supplier contractor.
• D)statement of work.

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Definitions:

Bill of Materials

An all-inclusive inventory detailing the materials, parts, and instructions necessary for the creation, production, or fixing of a product or service.

On-Hand Inventory

The quantity of stock physically available in a warehouse or storage area, ready for sale or distribution.

Lot-For-Lot

A production or purchasing strategy where the quantity to be produced or ordered matches the exact demand forecast, without holding extra inventory.

EOQ Lot-Sizing

Economic Order Quantity (EOQ) is a formula used to determine the optimal quantity of stock to minimize the total costs of inventory management.