The Term Lean-Procurement Relates to Automatic Transaction, Sourcing, Bidding and Auctions

question 35

True/False

The term lean-procurement relates to automatic transaction, sourcing, bidding and auctions using Web-based applications, and the use of software that removes human interaction and integrates with the financial reporting of the firm.

---

Definitions:

Cramér's V

A measure of association between two nominal variables, giving a value between 0 and 1 that indicates the strength of the relationship.

Expected Frequency

The anticipated count in each category of a contingency table under the assumption that the null hypothesis is true, used in chi-square tests.

Null Hypothesis

The null hypothesis is a statement in statistical analysis that proposes no significant effect or no difference as the outcome of an experiment or study.

Level of Significance

The probability threshold under which the null hypothesis is rejected in hypothesis testing, denoted as alpha.