What Do Many Government and Organizational Procurement Departments Do Instead

question 54

Multiple Choice

What do many government and organizational procurement departments do instead of paying set prices for their purchases?

• A) determine the lowest prices available for items that meet specifications
• B) approach the supplying industry and get an average estimate of price from all producers
• C) always negotiate with favoured suppliers to get exactly what they want
• D) call the federal supply agency and place an order with their government-run factory

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Definitions:

Innovation Process

A systematic approach involving stages of idea generation, development, and commercialization to introduce new products, services, or methods.

Arbitration

A method of dispute resolution in which an impartial third party makes a decision that is usually binding.

Mediation

A form of dispute resolution where a neutral third party assists the parties in reaching a mutually acceptable agreement.

Legal Audits

The process of reviewing and verifying the legal compliance and risks of a company or organization.