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question 13

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Definitions:

Process Management

The administrative activity involved in overseeing the design, operation, and improvement of business processes to achieve organizational goals.

Price Reductions

Decreases in the selling price of goods or services, often to attract more customers or respond to market conditions.

Chief Purchasing Officers

Senior executives responsible for overseeing an organization's procurement strategies, ensuring the efficient acquisition of goods and services.

Supply Organization

A structured body or team within a company that is responsible for managing the sourcing, procurement, and supply chain processes.