JIT Purchasing Requires Frequent Bidding for Contracts by Multiple Sources

question 24

True/False

JIT purchasing requires frequent bidding for contracts by multiple sources to ensure the buyer of competitive prices.

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Definitions:

Skill Specialization

The process of focusing individuals' training and job roles on specific skills, making them experts in particular tasks or operations within an organization.

Divisionalized Structure

An organizational framework in which the company is divided into semi-autonomous units or divisions, each with its own operations, resources, and goals.

Duplication

The act of copying or replicating processes, data, or products to increase efficiency or redundancy.

Silos of Knowledge

This term describes the phenomenon where information, knowledge, or expertise is isolated within one department or group within an organization, leading to inefficiencies and a lack of collaboration.