Asked by The Broccoli Industry on May 05, 2024
Verified
Choosing suppliers simply based on the lowest bid has become a somewhat rare approach.
Lowest Bid
In procurement and auctions, the smallest price offer received to perform a job or provide goods.
Suppliers
Entities that provide goods or services to another organization, typically within a supply chain or business context.
- Comprehend different metrics utilized in assessing supply chain performance.
Verified Answer
MP
Matthew PetersonMay 08, 2024
Final Answer :
True
Explanation :
Today, many organizations consider factors such as quality, reliability, delivery time, sustainability, and past performance of the supplier along with the price when selecting suppliers. Therefore, choosing suppliers solely based on the lowest bid has become a less common practice.
Learning Objectives
- Comprehend different metrics utilized in assessing supply chain performance.
Related questions
Unfortunately, Not Many Supply Chain Metrics Exist That Can Be ...
Performance Measurement Is Important Because ...
Discuss How Performance Measurement Can Affect Supply Chain Management
The Typical Process for Developing a Weighted Point Evaluation System ...
In the SCOR Model There Are Five Major Categories of ...