Explain Why Sourcing Practices Are Benchmarked

question 56

Essay

Explain why sourcing practices are benchmarked.Provide TWO examples of resources available for firms seeking to implement successful sourcing practices.

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Definitions:

Normal Populations

Populations that follow a normal distribution, where the majority of data points are concentrated around the mean value.

Standard Error

A statistical term that measures the accuracy with which a sample distributes around the population mean; it is the standard deviation of the sampling distribution.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, used to estimate population parameters.

Formal Charge

Used to calculate the charge of an atom in a molecule, assuming that electrons in all chemical bonds are shared equally between atoms.