Examlex
The basic hierarchical relationship in an organization is between:
Producing Component
A part or element in a manufacturing process that is being made into a final product.
Purchasing Externally
The process of acquiring goods, services, or works from an outside external source, often through a tendering or competitive bidding process.
Third-Party Logistics
External companies hired to manage all or part of another company’s logistics functions, including transportation, warehousing, and distribution.
Outsourcing
The practice of hiring third parties to perform services or produce goods traditionally performed or made in-house, to reduce costs or improve efficiency.
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