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Supply Chain Surplus
The total value created in a supply chain, measured as the difference between the value of the final product to the customer and the costs incurred in bringing the product to market.
Sourcing Processes
The procedures and steps taken by a company to identify, evaluate, and contract suppliers for goods and services.
Sourcing Strategy
The approach a company takes to determine how and where it will obtain its products or services.
Lowest Possible Cost
The minimal expense incurred in the production or procurement of goods, often pursued through efficient processes and economies of scale.
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