Value Is Defined by the Customer

question 46

True/False

Value is defined by the customer.

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Definitions:

Factor Weights

Numerical values assigned to various factors in a decision-making process, indicating the importance of each factor relative to the others.

Supplier Criteria

The set of standards and requirements that a company uses to evaluate and select suppliers for goods or services.

Factor Weighting Approach

A method used in decision-making that assigns weights to different criteria based on their importance.

Criteria Weights

Factors used in decision making that assign different levels of importance to the various criteria considered in the evaluation process.