3. Supply Management (Chapter 7) a. Differ and contrast between the concept of insourcing and outsourcing! What would be the advantages and disadvantages for each concept? (10 points) b. Lincoln Lights is considering hiring one of the three software firms to implement a new IT system. Lincoln management has decided to evaluate the firms on three dimensions -reputation, skill level, and price. Weights for each dimension, as well as performance ratings for each of the firm (1="poor" to 5="Excellent"), are shown in the following table. Software Firm Dimension Weight ALTREX TGILTD. PC ASSOCIATE S Reputation 0.2 3 3 4 Skill Level 0.6 5 4 4 Price 0.4 5 3 2 Use the weighted-point evaluation system to calculate weighted performance scores for each of the software firms! Which supplier will you choose? (15 points)