Describe the Processes of Mediation and Arbitration and the Major

question 32

Essay

Describe the processes of mediation and arbitration and the major difference between the two.

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Definitions:

Expected Monetary Value

A quantified financial analysis technique used to predict the overall outcome of a decision under uncertainty by multiplying possible outcomes by their probabilities and summing those values.

Supplier Diversification

The strategy of sourcing materials or products from a variety of suppliers to reduce risk and increase reliability in the supply chain.

Lowest Bid

In procurement and auctions, the smallest price offer received to perform a job or provide goods.

Suppliers

Entities that provide goods or services to another organization, typically within a supply chain or business context.