Sole sourcing refers to the systematic study of the components of a purchase to determine the most cost-effective approach.

Name: Sole sourcing refers to the systematic study of the components of a purchase to determine the most cost-effective approach.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Sole sourcing refers to the practice of awarding a contract or purchase to a single supplier without competition. It does not involve studying components to determine cost-effectiveness, which is more related to strategic sourcing or procurement.

Sole Sourcing Refers to the Systematic Study of the Components