The Three Ways Information Adds Value, Ranked in Order from Lowest

question 60

Multiple Choice

The three ways information adds value, ranked in order from lowest to highest value are:

• A)visibility, mirroring, creation of new customer relationships.
• B)mirroring, creation of new customer relationships, visibility.
• C)visibility, creation of new customer relationships, mirroring.
• D)creation of new customer relationships, mirroring, visibility.

Identify the strategic role of the supply department in contributing to organizational strategy and competitive advantage.

Understand the financial impacts of supply decisions on both the balance sheet and income statement.

Comprehend the importance of sustainability and ethical considerations within the supply chain.

Recognize the evolution of supply management from a transactional to a strategic function.

---

Definitions:

Import

Goods or services that come into a country from abroad for sale.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a product and the actual price they do pay.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market prices being higher.

Total Benefits

The complete set of advantages, monetary or otherwise, received from the consumption or use of a good or service.