The Management of the Firm's External Resources Through Identification and Selection

question 37

Multiple Choice

The management of the firm's external resources through identification and selection of suppliers,management of supplier relationships,and monitoring and rewarding supplier performance in an effort to support the long-term goals of the organization is called:

• A)Buyer-supplier integration
• B)Acceptance sampling
• C)Procurement rationalization
• D)Strategic sourcing

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Definitions:

Language Development

The method through which people develop the skill to recognize, create, and employ words for understanding and communication purposes.

Janet Werker

A researcher known for her studies in developmental psychology, especially in the field of language acquisition in infants.

Bounded Rationality

A concept suggesting that decision-making is limited by the information available, cognitive limitations of the mind, and the finite amount of time available to make a decision.

Herbert Simon

An American economist and cognitive psychologist known for his research in the fields of decision-making and problem-solving, notably the concept of bounded rationality.