Which management strategy focuses on effective vendor relations and cost savings?

The selection of vendor management as the management strategy that emphasizes effective vendor relations and cost savings is accurate. Vendor management involves establishing and managing relationships with third-party suppliers, ensuring that they meet the organization's quality and cost requirements. By fostering strong relationships with vendors, businesses can improve communication, negotiate better terms, and develop collaborative efforts that ultimately lead to cost reductions and value creation.

Effective vendor management also includes monitoring performance metrics, managing risks associated with supplier relationships, and ensuring compliance with contractual obligations. This focus on building and maintaining strong partnerships facilitates a continuous improvement in the supply chain, aligning vendor capabilities with the buying organization's needs.

Supply chain management, while related, encompasses a broader scope, including the overall management of the flow of goods and services, from raw materials to final delivery. Outsourcing focuses on delegating specific tasks or services to external vendors rather than managing the vendor relationship directly. Negotiation strategies, on the other hand, are techniques used to reach agreements and may be a part of vendor management but do not specifically focus on the ongoing relationship aspect.