How can you minimize the work for all involved when requesting proposals, while maximizing the effectiveness of the proposals you are receiving?
What will be an ideal response?
A smart approach to managing RFPs can minimize the work involved for everyone and maximize the effectiveness of the RFP. First, identify your decision criteria and then brainstorm the information you need to measure against those criteria. Don't ask bidders to submit information about every aspect of their operations if such details aren't relevant to your decision. Making such unreasonable demands is unfair to bidders, will unnecessarily complicate your review process, and will discourage some potentially attractive bidders from responding. Second, to get quality responses that match your unique business needs, give bidders plenty of time to respond. Successful companies are usually busy responding to other RFPs and working on other projects; you can't expect them to drop everything to focus solely on your RFP. Third, if your company generates numerous RFPs, tracking proposals can become a full-time job. Consider establishing an online system for tracking responses automatically.
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Which of the following is a benefit of the target costing approach?
A) The product development process is continuously guided by the top management. B) It produces a superior product with unique product benefits. C) It decreases the likelihood that low-margin products will be introduced. D) It shortens the product development cycle.
Which of the following statements is true?
A) Accessibility means being able to get at the goods with a minimum amount of work. B) A pallet position refers to which side of the pallet is loaded. C) Increasing cube utilization will increase accessibility. D) Inventory is typically stored only on the floor. E) None of the above statements is true.