Geographically Moving the Production of a Component or Product to a Supplier

question 46

Multiple Choice

Geographically moving the production of a component or product to a supplier closer from where it was originally produced is known as

• A)nearsourcing.
• B)insourcing.
• C)outsourcing.
• D)onboarding.

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Definitions:

Benchmarking

A method of comparing business processes and performance metrics to industry bests or best practices from other companies.

Balanced Scorecard

A system for strategic planning and management utilized by organizations to convey their objectives and align and measure performance in accordance with strategic aims.

Strategic Alignment

The practice of ensuring that an organization's structure, capabilities, and resources are in line with its business strategy and objectives.

Human Resources Planning

The process of forecasting an organization's future human resources needs and developing strategies to fulfill those needs.