One of the Key Advantages of an EDI (Electronic Data

question 63

Multiple Choice

One of the key advantages of an EDI (Electronic Data Interchange) system is:

• A)it allows easy access to all company data to vendors.
• B)its transaction formats are universal.
• C)it allows third-party transmission connections to company data.
• D)it saves both time and money by using different languages.
• E)vendors receive orders by voice mail.

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Definitions:

Competitive Bargaining

Competitive bargaining is a negotiation strategy where parties vie for the most advantageous position, often viewing the situation as a zero-sum game where one's gain is another's loss.

Neutral Third Party

An impartial entity or individual with no stake in the outcome, involved to mediate, arbitrate, or provide an unbiased perspective in a conflict or negotiation.

Legally Binding

Describes an agreement or contract that is enforceable by law, meaning parties can be legally compelled to honor their commitments.

Integrative Bargaining

A negotiation strategy where parties collaborate to find a 'win-win' solution that satisfies the interests of both parties.