How many employees does a micro business have? - ANSWER-Less than 10
How many employees does a small business have? - ANSWER-Less than 50
How many employees does a medium business have? - ANSWER-250 or
fewer
What are the support activities of porters value chain model? - ANSWER-Firm
infrastructure, human resource management, technology development and
procurement
, What are the primary activities of porters value chain model? - ANSWER-
Logistics, operations, marketing and sales and after sales service
What is incentive based pricing? - ANSWER-When the price is tied to the
achievement of an agreed level of performance.
What is the competitive dialogue procedure? - ANSWER-This is used when an
authority is unsure of their requirements so they engage with suppliers in an
attempt to get clarity around their requirements
What is cost reimbursable pricing arrangement? - ANSWER-The supplier is
reimbursed all of its costs as well as an agreed amount for profit. This is
commonly used when the amount of work required isn't clear at the start of
the project.
What is a letter of credit? - ANSWER-A letter from the bank guaranteeing that
payment will be made in full on the due date.
What is lean thinking? - ANSWER-A business methodology that aims to
create more value with fewer resources.
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