Procurement Process Flashcard

Front

What’s the real goal of procurement?

Back

Securing goods or services at the best value, while maintaining quality and timely delivery

Front

Which of these is not typically part of the procurement process? Developing the specification, Supplier selection, Supplier relationship management

Back

Product development

Front

What does “RFP” stand for in procurement?

Back

Request for Proposal

Front

Which procurement term refers to obtaining goods and services while meeting legal, ethical, and corporate standards?

Back

Ethical sourcing

Front

What is “supply chain management” all about?

Back

Managing the entire flow of goods from supplier to customer in a timely fashion

Front

What do procurement pros mean by “Total Cost of Ownership” (TCO)?

Back

The cost of a product plus its operational, maintenance & disposal costs over time