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Provide an appropriate response.
-List the two requirements for a probability histogram. Discuss the relationship between the sum of the probabilities in a probability distribution and the total area represented by the bars in a probability histogram.
Strategic Sourcing
An approach to procurement that emphasizes continuous improvement and development of purchasing activities to enhance competitive advantage.
Strategic Sourcing Process
A method used by organizations to evaluate and engage suppliers with the objective of achieving cost savings, improving quality, and obtaining more favorable terms.
Sourcing Strategy
The approach an organization takes to manage procurement processes and supplier relationships to optimize cost, quality, and supply reliability.
Supplier Selection Criteria
The standards or benchmarks that companies use to evaluate and choose among potential suppliers.
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