Business, 21.12.2020 14:00 lauren21bunch

Which action is not necessary implementing SM?

Answers: 2

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Answer from: lisnel

E) Firms must force their suppliers into world-class compliance

Multiple-choices

A) Senior management must recognize supply management's critical nature to the firm

B) Senior management must support the required transformation of supply management to world-class

C) Firms must know where they are in relation to where they want to be

D) Firms must benchmark best-in-class practices and develop metrics

E) Firms must force their suppliers into world-class compliance

Explanation:

Supply management is concerned with identifying, acquiring, and managing resources and suppliers essential to an organization's operations. SM activities include buying physical goods and services or any other resource that facilitate a company's operations.

Successful implementation of Supply management reduced the cost of doing business. A company that procures quality materials and competitive rates gains a competitive advantage over competitors without lowering its prices. Forcing suppliers into world-class compliance is not necessary for a company that desires to implement efficient supply management.

Answer from: Quest

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

Answer from: Quest

dual credit courses allow you to take a test at the end of the course that, if you pass it with a high enough score, will give you college credit.

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