Which of the Following Is Not a Best Practice for Inclusion

question 19

Multiple Choice

Which of the following is not a best practice for inclusion in any minority supplier development initiative?

• A)Ensuring that all minority suppliers are located nearby the organization's facilities.
• B)Mandating Tier 1 suppliers to have a Tier 2 diversity spend goal and incorporating the terms in the contracts.
• C)Including minority suppliers in all RFQs, without exception.
• D)Tying the goals and objectives of the supplier diversity program to supply chain management strategies and supply chain job functions.
• E)Incorporating all corporate functions in which suppliers are selected and procurement commitments are made.

Understand and interpret central tendency measures (mean, median).

Analyze and interpret distribution shapes (unimodal, bimodal, skewed).

Understand and interpret variability measures (range, IQR, standard deviation).

Analyze and interpret boxplots.

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Definitions:

Elastic Supply

A situation where the quantity supplied of a good or service changes significantly in response to changes in price.

Cross Elasticity

A measure of how the demand for one good responds to a change in the price of another good, indicating the degree of substitutability or complementarity between the two goods.

Complements

Goods or services that are used together, where the increase in consumption of one leads to an increase in consumption of the other.

Substitutes

Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in the demand for the other.