Question attached The difficulties of procuring services as a Fortune 500companyWhen you're engaged with the management of a business, the tasks associated withprocuring reliable services come full with their share of challenges, and this is true nomatter how large the organization is that you are working for. With thatacknowledgment out of the way, it should come as no surprise that the tasksassociated with procuring services for a Fortune 500 company are fraught withpotential hurdles. Even more haunting is the potential for procurement mistakes toresonate throughout such vast operations, so every ounce of caution should beexercised before any decisions are made.For starters, to be ranked amongst the Fortune 500, regardless of position on the list,means that a company is both undeniably massive and an unqualified success. In2019, the occupant of position number 500 on the list, the venerable Levi Strauss,accumulated more than $5.5 billion in total revenue. In the process, Levi Straussbeat out the 501st company - Avon Products by only $4 million to earn its spot onthe cherished grouping of gargantuan money-makers. To further put that intoperspective, modern corporations can't even sniff distinction as a Fortune 500company without amassing revenues that exceed the GDP of nearly 20 percent ofthe world's countries.Collectively, Fortune 500 companies account for two-thirds of the U.S. GDP, whichamounts to $13.7 trillion in revenues to go along with $1.1 trillion in profits and $22.6trillion in overall market value. They also employ 28.7 million people worldwide,which means that the composition of workers employed by Fortune 500 companies,if lumped together as a single nation, would rank as one of the 50 largest countries inthe world in terms of overall population.1.1. The case study reveals that even the biggest companies buy some parts oftheir project scope from outside companies. Discuss reasons why companiesmay choose to "buy" instead of "making" their own work.

A make-or-buy call is AN act of selecting between producing a product in-house or buying it from AN…

Answered: 1.1. The case study reveals that even…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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1.1. The case study reveals that even the biggest companies buy some parts of their project scope from outside companies. Discuss reasons why companies may choose to "buy" instead of "making" their own work.