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Competitive Bidding
A procurement process where suppliers submit bids to win a contract to supply goods or services, often leading to lower prices.
Contract Acceptance
The process by which a party agrees to the terms and conditions of a contract, signifying their willingness to be legally bound by it.
Linear Programming
A mathematical modeling technique used for achieving the best outcome in a mathematical model whose requirements are represented by linear relationships.
Scarce Resources
Limited or insufficient resources that cannot fully meet the demand when needed.
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