Asked by Sofiya Hoyda on Apr 26, 2024
Verified
In the Implement Sourcing Strategy step, the most important thing is to:
A) agree on supplier selection criteria.
B) choose a supplier or suppliers, depending on the objectives of the sourcing decision.
C) verify which suppliers are either TQM or ISO 9000.
D) finalize understandings and agreements with new suppliers.
Sourcing Strategy
The approach an organization takes to manage procurement processes and supplier relationships to optimize cost, quality, and supply reliability.
Supplier Selection Criteria
The standards or benchmarks that companies use to evaluate and choose among potential suppliers.
TQM
Total Quality Management; a management approach to long-term success through customer satisfaction, focusing on continuous improvement of organizational processes.
- Identify the differences between procurement and strategic sourcing, and gain an understanding of the strategic sourcing methodology.
- Understand the phases required in the process of Managing Strategic Sourcing.
Verified Answer
CB
Christopher BogansApr 28, 2024
Final Answer :
B
Explanation :
The most important thing in this step is to choose a supplier or suppliers, depending on the objectives of the sourcing decision. While agreeing on supplier selection criteria, verifying TQM or ISO 9000 certification, and finalizing understandings and agreements with new suppliers are important steps, they cannot be completed without first choosing a supplier(s).
Learning Objectives
- Identify the differences between procurement and strategic sourcing, and gain an understanding of the strategic sourcing methodology.
- Understand the phases required in the process of Managing Strategic Sourcing.