HR for Competitive AdvantageList the eight steps used to develop a time study$-$based labor standard.If historical experience data are so widely available and so easy to obtain, why aren't they more widely used to set labor standards?Explain in broad terms, using a sentence or two, what is meant by the "classical stopwatch study." To what extent is it still in use today?Supply ChainIdentify and describe briefly the six sourcing strategies.Identify the advantages and disadvantages of using the "few suppliers" sourcing strategy.As the corporate and operations management strategies vary from low cost to response to differentiation, how does this impact the criteria used for selecting suppliers?