One Important Objective of Purchasing Is To

question 1

Multiple Choice

One important objective of purchasing is to:

• A) set quality standards for purchased items.
• B) be knowledgeable about new products.
• C) maintain numerous sources of supply.
• D) obtain the lowest prices on all purchased items.
• E) determine the processes that should be used.

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Definitions:

Continuous Improvement

An ongoing effort to enhance products, services, or processes to increase efficiency and quality.

Knowledge Management

The processes using intellectual capital for competitive advantage.

Intellectual Assets

Intangible resources and knowledge that a company possesses, which can include patents, trademarks, business methodologies, and other forms of intellectual property that provide a competitive advantage.

Strategic Force

Denotes a military or organizational capability designed and utilized to achieve strategic objectives, often involving long-range or significant impact operations.