Which of the following is a key function of supply management?

Minimizing total cost of ownership is a key function of supply management because it involves evaluating all costs associated with the acquisition and use of a product over its entire lifecycle, rather than just the initial purchase price. This comprehensive approach allows supply managers to identify opportunities for cost savings that can significantly impact the overall profitability of the organization. By considering factors such as maintenance, operations, depreciation, and disposal, supply management aims to enhance value and efficiency.

In contrast, while ensuring compliance with regulations is important for legal and ethical reasons, it does not directly contribute to the financial efficiency that minimizing total cost of ownership entails. Reducing workforce size and maximizing sales revenue are not primary objectives of supply management; rather, they are elements that may affect overall business strategy but do not specifically relate to the core function of optimizing supply chain costs and processes.