Cost Is the Only Consideration When Choosing a Supplier

question 49

True/False

Cost is the only consideration when choosing a supplier.

Understand the pull method of production and its impact on reducing inventory costs.

Identify customer costs and how they impact market levels.

Understand just-in-time (JIT) purchasing philosophy and its implications for supplier relationships.

Define and calculate lead time in supply chain management.

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Definitions:

Frederick Herzberg

An influential American psychologist known for developing the Motivation-Hygiene Theory, which distinguishes between factors that create job satisfaction (Motivators) and those that prevent dissatisfaction (Hygiene factors).

Motivational Tool

Any technique, strategy, or incentive used to inspire individuals or teams to achieve their goals and improve performance.

Money

A medium of exchange used to facilitate transactions for goods and services.

Motivation Theories

These theories explore what factors drive individuals to initiate, direct, and sustain particular behaviors at work or in other activities.