Bidding Is a Process by Which the Seller Requests Competing

question 1

True/False

Bidding is a process by which the seller requests competing companies to specify how much they will charge for their products.

---

Definitions:

Outsource

The practice of hiring third-party service providers to perform tasks, handle operations, or provide services that are either difficult to manage or are outside the company's expertise.

Customized Items

Products or services tailored to meet the specific needs or preferences of an individual customer or market segment.

Mitigate Risks

The process of taking action to minimize the likelihood and impact of undesired events or risks.

Supply Managers

Professionals responsible for overseeing supply chain operations, including procurement, inventory management, and supplier relationships.