GM Typically Solicits Bids from Global Suppliers to Produce a Particular

question 70

Multiple Choice

GM typically solicits bids from global suppliers to produce a particular component and awards a 1-year contract to the supplier that submits the lowest bid.At the end of the year,a contract is once again put out for competitive bid,and once again the lowest cost supplier is most likely to win the bid.GM is using which of the following?

• A) Strategic outsourcing
• B) Competitive bidding
• C) Long-term contracting
• D) Strategic alliance
• E) Hostage taking

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Definitions:

Obtained Value

The actual value achieved from a statistical test, used to compare against the critical value to determine statistical significance.

Critical Value

A threshold in a statistical test that delineates the boundary for rejecting or not rejecting the null hypothesis.

Null Hypothesis

In statistical testing, the default hypothesis stating that there is no significant difference or effect.

Obtained Value

The specific result or measurement derived from experimental or observational data, essential for evaluating hypotheses or models.