The Management of the Firm's External Resources Through Identification and Selection

question 37

Multiple Choice

The management of the firm's external resources through identification and selection of suppliers,management of supplier relationships,and monitoring and rewarding supplier performance in an effort to support the long-term goals of the organization is called:

• A)Buyer-supplier integration
• B)Acceptance sampling
• C)Procurement rationalization
• D)Strategic sourcing

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Definitions:

One-third

One-third refers to a fraction, specifically the division of something into three equal parts, and it is often encountered in legal contexts regarding division of assets or liabilities.

Uniform Partnership Act

A model set of laws intended to standardize the governance of business partnerships within the United States.

UPA

Uniform Partnership Act; a set of laws adopted by many states in the U.S. that governs the operations of partnerships and the relationships between partners.

Expressly Agree

To give a clear and definite agreement or consent to a specific term or condition.