A "Best Practice" Standard

question 86

Multiple Choice

A "best practice" standard

• A)helps a company move toward performing its value chain activities more effectively and efficiently.
• B)is the sole means of measuring whether or not a company performs a specific task or activity so as to achieve the lowest possible costs.
• C)conforms to established industry standards.
• D)is a measure of a company's core competence.
• E)is often sufficient justification for maintaining the status quo.

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Definitions:

Final Offer

The last proposal or statement of conditions one party will accept during negotiations.

Negotiating

The process of discussing terms and conditions in order to reach a mutual agreement.

Binding Contract

An agreement that is legally enforceable in a court of law, requiring all parties to fulfill their obligations as outlined.

Written Acceptance

Formal acknowledgment in writing that an offer or proposal has been received and agreed upon.