The management of the firm's external resources through identification and selection of suppliers,management of supplier relationships,and monitoring and rewarding supplier performance in an effort to support the long-term goals of the organization is called:
A)Buyer-supplier integration
B)Acceptance sampling
C)Procurement rationalization
D)Strategic sourcing

Question

Quizplus · Accepted Answer

The described process is known as strategic sourcing, which involves a systematic approach to identifying and selecting suppliers, managing supplier relationships, and continuously monitoring and rewarding supplier performance to support long-term organizational goals. Buyer-supplier integration, acceptance sampling, and procurement rationalization are all related concepts but do not encompass the full scope of strategic sourcing.

The Management of the Firm's External Resources Through Identification and Selection