Explain the Purpose of the Selection Process and Identify Four

question 80

Essay

Explain the purpose of the selection process and identify four of the most frequently used selection devices.

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Definitions:

Pricing

The process of determining what a company will receive in exchange for its products or services.

Supplier Relationships

The interactions and partnerships between businesses and their providers of goods or services.

Pull Model

A pull model is a supply chain strategy where the production of goods is initiated by actual customer demand rather than forecasted demand.

Mass Customization

A production process in which items are produced in large quantities but are customized to fit the desires of each customer.