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Answer :
ITT usually stands for b. 'Invitation to Tender'.
An Invitation to Tender is a formal request for suppliers to submit competitive bids for specific goods or services. It ensures organizations receive the best value through a competitive procurement process.
To further understand why 'Invitation to Tender' is the correct answer, let's briefly look at the other choices:
- a. International Tender Trophy: This term does not commonly exist in the context of procurement or tenders.
- c. International Tender Team: While organizations might have teams that handle international tenders, this is not what ITT commonly stands for.
- d. Internal Tender Team: This could refer to a team within an organization managing tender processes, but again, it is not what ITT typically represents.
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Final answer:
ITT stands for Invitation to Tender in the field of business, which is a formal process where suppliers are solicited to submit a bid for providing goods and services. The correct option is b.
Explanation:
In the context of Business, ITT often stands for Invitation to Tender. An Invitation to Tender is a formal process whereby suppliers are invited to submit a bid for goods or services. For example, if a company needs certain materials for production, they may issue an ITT to various suppliers to receive the best possible price and terms.
Therefore ITT stands for Invitation to Tender in the field of business, which is a formal process where suppliers are solicited to submit a bid for providing goods and services.
Thus the correct option is b.
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