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The Institute for Supply Management® (ISM) is the first supply management institute in the world. Since 1915, ISM has executed and extended its mission through education, research, standards of excellence and information dissemination — including the renowned monthly ISM Report On Business® — and maintains a strong global influence among individuals and organizations.



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Glossary of Key Supply Management Terms TERM OF THE DAY:

IMPLIED AUTHORITY

Part of actual authority given by a principal to an agent. When the principal is less than comprehensive in describing the actual authority given, the law implies whatever is necessary to accomplish the principal's expressed intent.


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