To minimize costs

To ensure product quality

To reduce lead times

To improve customer satisfaction

Cost

Quality

Reliability

Location

A purchase order is a legally binding agreement, while a contract is not.

A purchase order is a formal document, while a contract is an informal document.

A purchase order is used to purchase goods or services, while a contract is used to establish a long-term relationship between two parties.

A purchase order is typically used for small purchases, while a contract is typically used for large purchases.

To identify suppliers that are performing well

To identify suppliers that are not performing well

To develop strategies for improving supplier performance

All of the above

Single sourcing

Multiple sourcing

Blanket sourcing

Vendor-managed inventory

In a forward auction, the buyer bids against other buyers to purchase goods or services, while in a reverse auction, the seller bids against other sellers to sell goods or services.

In a forward auction, the buyer sets the price, while in a reverse auction, the seller sets the price.

In a forward auction, the buyer is typically a large company, while in a reverse auction, the seller is typically a large company.

In a forward auction, the buyer is typically a small company, while in a reverse auction, the seller is typically a small company.

To solicit bids from potential suppliers

To evaluate the capabilities of potential suppliers

To select the best supplier for a particular project

All of the above

Fixed-price contract

Cost-plus contract

Time-and-materials contract

Blanket contract

A purchase order is a one-time order, while a blanket order is a standing order.

A purchase order is typically used for small purchases, while a blanket order is typically used for large purchases.

A purchase order is typically used for goods, while a blanket order is typically used for services.

A purchase order is typically used for raw materials, while a blanket order is typically used for finished goods.

To improve communication and collaboration between the buyer and supplier

To reduce costs and improve efficiency

To develop new products and services

All of the above

Supplier development

Supplier performance management

Supplier risk management

Supplier diversity

A supplier audit is a formal review of a supplier's financial statements, while a supplier assessment is a review of a supplier's operations.

A supplier audit is a review of a supplier's quality management system, while a supplier assessment is a review of a supplier's environmental management system.

A supplier audit is a review of a supplier's social responsibility practices, while a supplier assessment is a review of a supplier's ethical practices.

A supplier audit is a review of a supplier's compliance with applicable laws and regulations, while a supplier assessment is a review of a supplier's compliance with industry standards.

To establish the supplier's ethical and social responsibility standards

To define the supplier's quality standards

To define the supplier's environmental standards

To define the supplier's safety standards

Using recycled materials

Using renewable energy

Reducing waste

Paying fair wages

A sustainable supply chain is designed to minimize environmental impact, while a traditional supply chain is not.

A sustainable supply chain is designed to maximize social impact, while a traditional supply chain is not.

A sustainable supply chain is designed to maximize economic impact, while a traditional supply chain is not.

A sustainable supply chain is designed to maximize all three of these impacts, while a traditional supply chain is not.