One of the Most Fundamental and Critical Decisions in Any

question 18

Multiple Choice

One of the most fundamental and critical decisions in any organization is, should we:

• A) have a single source or multiple sources for a specific purchase?
• B) order small quantities to avoid carrying costs or large quantities to get volume discounts?
• C) switch suppliers because of a slight price discount from a potential supplier?
• D) make or buy the needed good or service?
• E) enter into a long- or short-term agreement with a supplier?

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Definitions:

FinTech Firms

Companies that innovate and provide technological solutions for the finance sector, often disrupting traditional banking services and methods.

Process Technology Innovation

The introduction of new or significantly improved technologies or methods in the production process to enhance efficiency, quality, or environmental performance.

Negotiations

The process of discussing and reaching a mutual agreement between two or more parties with differing needs and preferences.

Psychological Dimension

An aspect concerning the mental and emotional factors influencing human behavior.