The Practice of Buying from Another Company a Good or Service

question 82

Short Answer

The practice of buying from another company a good or service that is part of a company's value-added activities is called ________.

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Definitions:

Supply Department

A division within an organization responsible for acquiring goods and services necessary for its operations.

Supply Function

A mathematical model that describes the quantity of goods that producers are willing and able to sell at different prices, assuming other factors remain constant.

Integrate Suppliers

The process of closely combining the operations, systems, or processes of suppliers with those of the purchasing company to improve efficiency and coordination.

Conduct Activities

The process of organizing, directing, and overseeing actions or operations in various settings or projects.