The Process of Reducing the Number of Suppliers for a Single

question 63

Short Answer

The process of reducing the number of suppliers for a single part to a single supplier is known as ________.

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Definitions:

Strategic Items

Products or components critical to an organization’s success, requiring careful management to ensure availability and minimize risks.

Performance Improvement

Performance improvement involves measures or initiatives aimed at enhancing the efficiency, effectiveness, or outcome of different processes, systems, or organizations.

Shared Savings Contract

An agreement between two parties where savings generated from cost-reducing measures are divided according to a predetermined formula.

Incentives

Rewards or benefits, often used to encourage specific actions or behaviors from individuals or organizations.