Pick an industry type (communications, industrial, and regulated such as medical/military and consumer). Show the top four steps in the supplier selection process and indicate the reasons for your ranking.
Answers
It's important to note that the supplier selection process may vary depending on the specific industry, organizational requirements, and other factors. However, these four steps provide a general framework for supplier selection and prioritize the key considerations for successful supplier engagement in the communications industry.
Let's consider the communications industry for the supplier selection process. The top four steps in the supplier selection process, ranked based on their importance and rationale, are as follows:
Needs Assessment and Supplier Identification: This initial step involves conducting a thorough needs assessment to determine the specific requirements and objectives of the organization. Once the needs are identified, the next step is to research and identify potential suppliers who can fulfill those requirements. This step is crucial as it sets the foundation for the entire supplier selection process.
Reason for Ranking: The needs assessment and supplier identification step is ranked first because it lays the groundwork for successful supplier selection. Without a clear understanding of the organization's needs and suitable supplier options, it would be challenging to make informed decisions later in the process.
Prequalification and Evaluation: In this step, the organization evaluates and prequalifies potential suppliers based on certain criteria, such as financial stability, past performance, capabilities, quality standards, and compliance with industry regulations. This evaluation helps narrow down the list of suppliers to those who meet the organization's requirements and are capable of delivering the desired goods or services.
Reason for Ranking: Prequalification and evaluation are essential to ensure that the potential suppliers are reliable, reputable, and capable of meeting the organization's quality and compliance standards. By thoroughly assessing their qualifications and track record, the organization can mitigate risks and select suppliers with a higher likelihood of success.
Request for Proposal (RFP) and Quotation: Once the prequalified suppliers are identified, the organization can issue a request for proposal (RFP) or quotation to solicit detailed information on pricing, terms, delivery schedules, warranties, and other relevant factors. The RFP/RFQ serves as a formal communication tool to gather comprehensive and standardized information from potential suppliers.
Reason for Ranking: The RFP/RFQ stage is crucial for gathering detailed information from suppliers and comparing their proposals objectively. It allows the organization to evaluate each supplier's offering, negotiate terms, and assess their ability to meet specific requirements. This step helps in selecting suppliers who offer the best value proposition for the organization.
Supplier Evaluation and Selection: In this final step, the organization evaluates the received proposals and quotations based on predetermined criteria and selects the most suitable suppliers. This evaluation may involve factors such as price competitiveness, quality standards, delivery capabilities, financial stability, technical expertise, and compatibility with the organization's goals and values.
Reason for Ranking: Supplier evaluation and selection, though the final step, is still crucial in ensuring the organization chooses suppliers that align with its requirements and long-term objectives. By considering multiple factors and conducting a thorough evaluation, the organization can make an informed decision and select the suppliers that best meet their needs.
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Related Questions
Industry value chains Multiple choice question. generally have little effect on the company's cost competitiveness and customer value proposition. include both suppliers and forward channel partners. do not take into consideration the buyer or end-user value chain. tend to be highly similar across industries.
Answers
Answer:
include both suppliers and forward channel partners.
Explanation:
An industry value chain can be defined as a physical representation of all of the activities and processes undertaken by a company or business firm for the manufacturing of goods and services, especially starting with the purchase of raw materials, manufacturing of finished goods and then ending with the delivery of the finished goods (products) to the market and consumers through a supply chain.
This ultimately implies that, industry value chains include both suppliers and forward channel partners.
In conclusion, an industry value chain should comprise of the margins of suppliers, value-creating activities and processes, costs, and forward channel partners.
"What a given group of people appreciates" are their ___________. A. Cultural contexts b. Culture shock c. Cultural education d. Cultural values Please select the best answer from the choices provided A B C D
Answers
Answer:
d. Cultural values
Explanation:
Cultural values are the values and norms that are followed by a distinct society or a group of people. In other terms, values and norms developed within the society to form its basis are said to be the cultural values. The people believe, follow, and appreciate the values. They help in defining the ways of living and leading the life. The behavior, nature, and thinking of the society is influenced or structured as per the cultural values.
Answer:
D
Explanation:
I just took the assignment
If a company is pursuing a strategy to differentiate its branded footwear from the offerings of rival companies, its managers should make a point of examining the plant and production cost benchmarking statistics reported on p. 6 of each issue of the FIR in order to A. discover which particular rival companies are overspending on production-related activities to differentiate their branded footwear. B. determine whether immediate actions need to be taken to reduce one or more production cost components at a particular plant-because the plant's manufacturing costs per pair produced are unacceptably high relative to those at the plants of rival companies. C. discern whether the company can boost profits by lowering the Internet and wholesale prices being charged for branded footwear. D. learn how much manufacturing costs per pair produced can be lowered by investing in one or more plant upgrade options.
E. learn whether its TQM/Six-Sigma expenditures, reject rates, and total compensation packages for plant labor are comparable to other rival companies also pursuing a differentiation strategy.
Answers
Managers should examine plant and production cost benchmarking statistics reported on p. 6 of each issue of the FIR in order to discover which particular rival companies are overspending on production-related activities to differentiate their branded footwear. (A)
Plant and production cost benchmarking statistics can help managers to compare the manufacturing costs per pair produced of the company's plant with those of its rivals.
This can provide insight into which companies are overspending on production-related activities and give the managers the data they need to make decisions on how best to differentiate their branded footwear from their competitors.
The benchmarking data can also help the company make changes in production cost components and invest in plant upgrades in order to lower manufacturing costs per pair.
It can also inform decisions on TQM/Six-Sigma expenditures, reject rates, and total compensation packages for plant labor in comparison with rival companies also pursuing a differentiation strategy.(A)
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Which statement best explains scholarships that cover the costs of an education? They require the use of savings. They need to be paid back later. They are often based on achievement. They require borrowing money from a bank.
Answers
Answer:
c. They are often based on achievement
Explanation:
Answer:
c
Explanation:
edge 2023
if treasury bills are currently paying 6.2 percent and the inflation rate is 1.9 percent, what is the approximate and the exact real rate of interest?
Answers
The real rate of interest is the rate of interest earned above and beyond the rate of inflation. To calculate the real rate of interest, subtract the inflation rate from the treasury bill rate. In this case, the approximate real rate of interest is 4.3%, and the exact real rate of interest is 4.279%.
The inflation rate is a measure of how quickly the prices of goods and services are rising.The treasury bill rate is the rate at which the government can borrow money from private investors. The real rate of interest is the rate of return that investors can expect after adjusting for inflation. It is calculated by subtracting the inflation rate from the treasury bill rate.In this example, the inflation rate is 1.9% and the treasury bill rate is 6.2%. To calculate the real rate of interest, we subtract 1.9% from 6.2%:
6.2% - 1.9% = 4.3%. This is the approximate real rate of interest.
To get an exact real rate of interest, we must use the actual numbers. The inflation rate is 1.9%, and the treasury bill rate is 6.2%. To calculate the exact real rate of interest, we subtract 1.9% from 6.2%:
6.2% - 1.9% = 4.279%. This is the exact real rate of interest.
In summary, if treasury bills are currently paying 6.2% and the inflation rate is 1.9%, the approximate real rate of interest is 4.3%, and the exact real rate of interest is 4.279%.
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define organic farming?
any 4 advantage of terrace farming?
Answers
Explanation:
Terrace farming ensures food security and increases crop yield by water and soil conservation. Thus it reduces soil erosion. In terrace farming, the interaction between water and fertilizer increase
Organic farming is agriculture that makes healthy food, healthy soils, healthy plants, and healthy environments a priority, along with crop productivity
AnswerAdvantages of terrace farming...
Helps to reduce soil erosion for farming .
It's helpful for tea plantation much because its used specifialy in hilly area
Explanation:
If the actual price were below the equilibrium price in the market for bread, then:
a) a surplus would develop and would get worse.
b) a shortage would develop but market forces would tend to correct the problem.
c) a surplus would develop but market forces would tend to correct the problem.
d) a surplus would develop and market forces would make it worse.
Answers
If the actual price were below the equilibrium price in the market for bread, then a surplus would develop but market forces would tend to correct the problem.
When the actual price is below the equilibrium price, it creates an incentive for buyers to demand more bread while suppliers may be less willing to supply at the lower price. This leads to a situation where the quantity demanded exceeds the quantity supplied, resulting in a surplus of bread in the market.
However, market forces come into play to correct the problem. The surplus prompts suppliers to reduce their production and lower their prices to attract more buyers. At the same time, buyers are incentivized to purchase more bread due to the lower prices. These adjustments in production and consumption eventually help bring the market back towards equilibrium, reducing the surplus.
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How does the law of demand affect consumers
Answers
Answer:
The law of demand is an economic principle that states that consumer demand for a good rises when prices fall while conversely, consumer demand falls when prices rise. ... As a result, the price consumers are willing to pay for a good decline as their utility decreases.
You are really hungry and have been wanting to eat pizza all day. Instead of ordering a medium, you order a large. However, after about 4 slices, you don’t want anymore. This is an example of which factor?
Responses
diminishing personal value
diminishing personal value
substitutes
substitutes
buying power
buying power
diminishing marginal utility
Answers
The fact that you ordered a large pizza but after 4 slices, don't want anymore is an example of diminishing marginal utility.
What is diminishing marginal utility?Diminishing marginal utility refers to an economic principle that talks about how the utility or satisfaction that a person gets from each additional unit of an item increases at first, and then decreases.
For instance, the person was really hungry and then ordered a large pizza to be satisfied. But as they ate more slices, they were satisfied less and less and eventually ended up wanting no more slices of pizza.
In conclusion, this is diminishing marginal utility.
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are good places to look to find your current expenses when building your budget.
A) Online research websites
B )Banks and credit unions
C)Bank and credit statements
D)Grocery stores and concerts
Answers
Answer:
C)Bank and credit statements
Explanation:
The good places to look to find your current expenses when building your budget is "Bank and Credit Statements"
This is because the credit statement is a document showing a list of transactions or money spent on goods or expenses made. This credit statement can be gotten from a bank of the person whose credit statement is under analysis or credit union.
Hence, in this case, the correct answer is Bank and credit statement.
the greater the dash the easier the object will move
Answers
Answer:
correct. its true and I absolutely agree with you. good job
Explanation:
Bc y=2x-1^3 is the equation
studies have shown that people who are praised for working hard: a. are less successful as entrepreneurs than those who are praised for being highly skilled b. build more confidence to take on challenging work in the future c. are better suited to be an intrapreneur than an entrepreneur d. all of the above
Answers
Praising people for their hard work can help them to become more successful entrepreneurs and intrapreneurs.
Praising people for working hard can have many positive effects on their future success. Studies have shown that when people are praised for their hard work, it helps to build their confidence and makes them more willing to take on challenging tasks in the future. This confidence can help them to become more successful as entrepreneurs, as they will be more likely to take risks and have the courage to try new things. Additionally, those who are praised for their hard work may be better suited to being an intrapreneur, as they already have the confidence and work ethic that is necessary for success. In conclusion, praising people for their hard work can help them to become more successful entrepreneurs and intrapreneurs.
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The following information has been taken from the job order cost system, used by SALEEM CORPORATION:
Job No.
Balance March 1
Production Cost in March
15
Rs. 150,000
---
16
170,000
---
17
50,000
Rs. 130,000
18
70,000
150,000
19
----
240,000
20
----
150,000
21
----
90,000
During March Job No. 17, 18 & 19 were completed, and job No. 15, 16 and 17 were sold on account at 40% above cost.
REQUIRED:
i) Cost of finished goods inventory – beginning
ii) Cost of goods in process inventory – beginning
iii) Cost of finished goods inventory – ending
iv) Cost of goods in process inventory – ending
v) Cost of goods manufactured
vi) Cost of Goods sold
vii) Sales
Answers
Answer:
i) Details Amount Rs
Cost of Job No.15 150,000
Cost of Job No.16 170,000
Cost of finished goods inventory - beginning 320,000
ii) Details Amount Rs
Cost of Job No.17 50,000
Cost of Job No.18 70,000
Cost of goods in process inventory - beginning 120,000
iii) Details Amount Rs
Cost of Job No.18 220,000 (70000+150000)
Cost of Job No.19 240,000
Cost of finished goods inventory - ending 460,000
iv) Amount Rs
Cost of Job No.20 150,000
Cost of Job No.21 90,000
Cost of goods in process inventory - ending 240,000
v) Amount Rs
Total Production Cost incurred in March 760,000
(130000+150000+240000+150000+90000)
Add: Cost of goods in process inventory - beginning 120,000
Less: Cost of goods in process inventory - ending 240,000
Cost of goods manufactured 640,000
vi) Amount Rs
Cost of goods manufactured 640,000
Add: Cost of finished goods inventory - beginning 320,000
Less: Cost of finished goods inventory - ending 460,000
Cost of Goods sold 500,000
vii) Sales = Cost of goods sold * 140%
Sales = 500000*140%
Sales = Rs. 700,000
T/F. The two broad bases of leader power are organizational and personal.
Answers
The statement is true as there are indeed two broad bases of leader power: organizational power and personal power.
Organizational power and personal power are the two broad bases of leader power.
Organizational Power: This power is derived from the leader's position and authority within the organization. It includes legitimate power (based on the leader's formal position), coercive power (ability to punish or impose negative consequences), and reward power (ability to provide rewards or positive incentives).
Personal Power: This power is derived from the leader's personal characteristics, expertise, and relationships. It includes referent power (based on the leader's charisma, likability, and ability to influence others through admiration or identification) and expert power (based on the leader's knowledge, skills, and expertise in a particular domain).
Both organizational and personal power play significant roles in a leader's ability to influence and lead others within an organization.
The statement is true as there are indeed two broad bases of leader power: organizational power and personal power.
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When a supplier makes a downward adjustment in the amount owed by a creditor, the creditor will:
A. reduce the amount of the account payable to the supplier, and decrease an asset such as inventory.
B. increase the amount of the account payable to the supplier, and decrease an asset such as inventory.
C. reduce the amount of the account payable to the supplier, and increase cash.
D. reduce the amount of the account payable to the supplier, and decrease cash.
Answers
Answer:
d
Explanation:
When a supplier makes a downward adjustment in the amount owed , it means that the supplier reduces the total amount owed. thus the creditor would r less cash and the debtor would pay less cash
which type of data consists of objective responses that a business can measure for market research purposes?
blank or blank data refers to objective responses that a business can measure in the market research process.
1 (structured/ unstructured: descriptive)
2 (expressive/ qualitative/ quantitative)
Answers
Answer: structured or quantitative
Explanation: i just took the test ( for PLATO users )
Define the terms:
- Scarcity
- Choice
- Opportunity cost
- Efficiency
- Inefficiency
Answers
Answer:
Scarcity: In short supply of
Choice: Making a decision
Opportunity Cost: The loss of one aspect of a decision with the benefit of another
Efficiency: Being efficient and accurate as well as reliable
Inefficiency: Not being effective and wasting resources or time
When it comes to changing consumer behavior, marketers have a tough time
breaking the habits consumers tend to adopt .
True or False
Answers
According to the video, what tasks commonly are performed by Market Research Analysts? Check all that apply.
processing payments
considering potential sales and competition
designing advertisements
designing surveys
analyzing data (information)
making sales
Answers
Answer:
considering potential sales and competition
designing surveys
analyzing data (information)
Explanation:
The tasks commonly performed by Market Research Analysts are :
considering potential sales and competition.designing surveys.analyzing data (information)What is Marketing research?Marketing research involves the methodical collection, recording, and analysis of both quantitative and qualitative information on marketing products and services issues. The objective is to recognize and evaluate how changing marketing mix elements affect customer behavior.
To evaluate potential sales of a product or service, market research analysts examine consumer preferences, economic situations, and other factors. Because most industries rely on market research, these experts are found all over the economy.
Therefore, considering potential sales and competition, designing surveys and analyzing data are some of the work of a Market Research Analysts.
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which of the four economic sectors includes education, the government, and scientific research?
Answers
The economic sector that includes education, the government, and scientific research is the tertiary sector, also known as the service sector.
The tertiary sector is one of the four economic sectors, along with the primary sector (which includes agriculture, mining, and other extractive industries), the secondary sector (which includes manufacturing and construction), and the quaternary sector (which includes information technology, research and development, and other knowledge-based industries). The tertiary sector is characterized by the production and delivery of services, rather than tangible goods. It includes a wide range of industries, such as education, healthcare, finance, transportation, hospitality, and public administration. The government, scientific research, and education are all examples of service industries that fall within the tertiary sector.
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Why would a business pay for an employee's education?
Answers
Answer:
If yo u are a business and you pay for an employees' education It is a great way to add to your employees' skills and knowledge, which they can apply to your business to help make it a success.
Explanation:
One of the reasons a firm carries inventory is to ______, that is, to achieve constant output and use inventory to meet overly high requirements during seasonal periods.
Answers
Firms do carry inventory in order to have smooth production requirements and to achieve constant output .
What is an Inventory?Inventory serves as those goods and materials that a business holds so they can resale or production or utilisation purpose.
inventory can be used to meet overly high requirements during seasonal periods.
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The resource mentions that if the irs owes you a refund, you won’t be penalized if you file your tax return late. Why might you want to file your tax return on time anyway?.
Answers
The IRS states that you won't receive a penalty if you file your tax return but you may miss out on receiving a refund if its not filed on time.
Is the IRS an entity of the state?The IRS, a branch of the Treasury Department, is one of the most efficient tax administration organizations in the world. In the 2020 fiscal year, the IRS processed more than 240 million tax returns and received close to $3.5 trillion in revenue.
What is the financial strategy of the IRS?The IRS has the authority to levy (seize) assets such as wages, bank accounts, Social Security payments, and retirement income. The IRS may also seize and sell your property (like your car, boat, or real estate) in order to satisfy the tax debt.
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the two most important outcomes of a training and development program are? A)participant and top-management satisfaction.B)skill acquisition and organization performance.C)staying within budget and evaluation of the instructor.D)skill acquisition and participant satisfaction.
Answers
The two most important outcomes of a training and development program are B) skill acquisition and organization performance.
A training and development program aims to enhance the skills, knowledge, and abilities of participants while also contributing to the overall performance and success of the organization. Skill acquisition refers to the development and improvement of specific competencies and capabilities that are relevant to the participants' roles and responsibilities. By acquiring new skills, employees can become more proficient and effective in performing their tasks, leading to increased productivity and job performance.
The second important outcome is organization performance, which refers to the overall success and achievement of organizational goals. A well-designed training and development program can positively impact organization performance by improving employee skills, increasing motivation and engagement, fostering a learning culture, and aligning employee efforts with organizational objectives. When employees are equipped with the necessary skills and knowledge, it can enhance their contribution to the organization, boost productivity, and drive business results.
While participant satisfaction and evaluation of the instructor are important considerations, skill acquisition and organization performance are the primary outcomes that directly contribute to individual and organizational success.
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When Maurice Kendall of the Royal Statistical Society first examined share price patterns, in 1953, he found that
A. stocks whose prices had increased consistently for one week tended to have a net decrease the following week
B. certain patterns tended to repeat within business cycles
C. there were definite patterns technical analysts could have used to make a profit from trading on the stock market.
D. stocks whose prices had increased consistently for one week tended to have a net increase the following week
E. there were no predictable patterns in stock prices.
Answers
What percent of the federal budget was spent on education in 2019?
Answers
Answer:
The President requests $59.9 billion in discretionary appropriations for the Department of Education in fiscal year 2019, an $8 billion or 12 percent reduction below the 2018 annualized Continuing Resolution (CR) level.
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Answers
Answer:
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An automotive company tests the driving capabilities of its self-driving car prototype. They carry out the tests on various types of roadways- specifically, a race track, trail track, and dirt road. The researchers only test the pro totype during the daytime. They collect two types of data: sensor data from the car during the drives and video of the drives cameras on the car. They review the data after the initial tests. The results illustrate that the new self-driving car meets the performance standards across each of the roadways, As a result, the car can progress to the next phase of testing, which will include driving in various weather conditions. Reflection
Consider this scenario: What are the examples of fair or unfair practices? How could a data analyst correct the unfair practices?
Answers
Any company activity or action that is dishonest, fraudulent, or harms consumers is considered an unfair commercial practice. Acts that are seen as illegal, such as those that disobey consumer protection laws, might be included in these practices.
UNFAIR TRADE PRACTICES:
Fraudulent free gift or prize offers, non-compliance with production standards, false advertising, and deceptive pricing are just a few instances of unfair commrecial practices.FAIR TRADE PRACTICES:
According to the Rules of Fair Practice, American broker-dealers must be loyal to and treat consumers fairly. The Rules of Fair Practice include specific instructions on how brokers should uphold FINRA's objective, which is to safeguard investors and uphold the market's integrity. They were created by the National Association of Securities Dealers and are currently overseen by that organization. The whole range of legal obligations as outlined by securities laws are in addition to the Rules of Fair Practice, which establish and promote ethical standards.
What is data analytics:Data analytics is the process of examining data sets to spot trends and draw conclusions about the information they contain (DA). Data analytics is the study of analysing unprocessed data to make conclusions about such data.
Data analytics are needed to comprehend trends or patterns from the vast volumes of information being acquired. It helps businesses optimize their performance.
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Consider a market where demand is described by the equation Q = 80 - 10P and supply is described by the equation Q = 10 + 5P. At a price of $3 which of the following is true
a. There is a surplus of 25 units
b. quantity supplied equals quantity demanded
c. there is a shortage of 25 units
d. the market is in equilibrium
Answers
The quantity demanded (50 units) is greater than the quantity supplied (25 units), there is a shortage of 25 units. The correct answer is c. there is a shortage of 25 units.
Using the given demand and supply equations, let's find the quantity supplied and quantity demanded at a price of $3.
Demand equation: Q = 80 - 10P
At P = $3, Qd (quantity demanded) = 80 - 10(3) = 80 - 30 = 50 units
Supply equation: Q = 10 + 5P
At P = $3, Qs (quantity supplied) = 10 + 5(3) = 10 + 15 = 25 units
Comparing the quantity demanded and supplied, we can see that Qd > Qs, which means there is a shortage of units in the market.
So, the correct answer is:
c. there is a shortage of 25 units
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The amount of goods and services people can buy with the money they have is called their:__________.
Answers
The amount of goods and services people can buy with the money they have is called the Purchasing power.
The worth of a currency is determined by how many goods or services one unit of that currency can be used to purchase. Inflation may cause it to deteriorate over time. This is due to the fact that you may acquire fewer items or services as a result of increased pricing. A currency's buying power is another name for its purchasing power.
The term "purchasing" or "buying power" in the context of investments refers to the dollar amount of credit that a client has in relation to the marginable securities that are currently in their brokerage account. The Consumer Price Index, which tracks changes in the prices of products and services over a period of months or years, assesses changes in consumer purchasing power.
The Consumer Price Index, which was first published in 1921 and is calculated each month using information gathered by the Bureau of Labor Statistics from the Census Bureau, shows changes in the cost of 400 carefully chosen commodities, ranging from food to housing. The Consumer Price Index, which measures changes in the prices of goods listed on it, offers the most accurate estimation of consumer spending power.
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