The First Step in a Supply Base Optimization Effort Is

question 11

Multiple Choice

The first step in a supply base optimization effort is

• A) determine the appropriate number of suppliers for the item(s).
• B) analyze the company's buying patterns.
• C) examine offshore decisions for reshoring opportunities.
• D) establish a goal for total spend reduction.

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Definitions:

Unilateral Mistake

A unilateral mistake occurs when only one party to a contract is mistaken about a basic assumption on which the contract is based.

Unilateral Mistake

A misunderstanding by one party in a contract that does not affect the other party's understanding, often not providing grounds for contract cancellation.

Stradivarius Violin

A Stradivarius violin refers to one of the string instruments built by members of the Stradivari family, particularly by Antonio Stradivari, renowned for their superb craftsmanship and powerful sound qualities, highly prized and valuable.

Fraud in the Inducement

A deceitful practice where one party intentionally misleads another to enter into a contract, thereby causing harm.