The Institute for Supply Management

question 104

Multiple Choice

The Institute for Supply Management:

• A) establishes laws and regulations for supply management.
• B) is an agency of the United Nations charged with promoting ethical conduct globally.
• C) publishes the principles and standards for ethical supply management conduct.
• D) prohibits backward integration into developing economies.
• E) grants Ph.D. degrees in purchasing.

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Definitions:

Containers Refurbished

The process of cleaning, repairing, and restoring used containers to a condition suitable for reuse, often as a cost-saving or environmental sustainability measure.

Spending Variance

The difference between the actual amount of money spent and the expected (or budgeted) amount during a certain period, usually analyzed for cost control purposes.

Budgeting

The process of creating a plan to spend your money, enabling you to determine in advance whether you will have enough money to do the things you need or want to do.

Planning Budget

A financial plan that estimates future revenues, expenses, and resource needs for a specific period.