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The advantage of using the predetermined data approach for setting standards is that:
Vertical Integration
A strategy where a company expands its business operations into different steps on the same production path, such as a manufacturer owning its supplier and/or distributor.
Upstream Suppliers
Companies or entities that provide raw materials, components, or services to another company for the production of goods.
Business Strategy
A plan of action designed to achieve a specific set of objectives that ensures the growth and success of an organization.
Extranets
Private networks that use Internet technology and the public telecommunication system to securely share part of a business's information or operations with suppliers, vendors, partners, customers, or other businesses.
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