When Selection Criteria Are Used in the Vendor Selection Decision

question 97

True/False

When selection criteria are used in the vendor selection decision, the most common criteria includes quality delivery, performance history, warranties, facilities and capacity, geographic location, and technical capability.

Understand the advantages and limitations of different research methods.

Differentiate among various research methods such as case studies, naturalistic observation, surveys, and correlational research.

Appreciate the importance of representative sampling in survey research.

Recognize the limitations of drawing causal inferences from correlational data.

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Definitions:

Posterior Probability

The probability of an event or hypothesis after taking into consideration new evidence or information.

Prior Probabilities

The probabilities that are assigned to events or hypotheses before any relevant evidence is taken into account, used in Bayesian analysis.

Likelihood Probabilities

Measures of how probable different outcomes are, given a specific set of observed data, in statistical analysis.

Joint Probabilities

The likelihood of two or more events happening at the same time.