Procurement and terms related_Week1_T3

PROJECT PROCUREMENT deals with the (a)   or purchasing of goods and services

PROCUREMENT MANAGEMENT involves the sequence of (a)   that creates, manages and fulfils contracts

Principle activities of procurement management are:

• Deciding on procurement strategies.

• Soliciting tender offers.

• Evaluating tender offers.

• Hiring and recruiting staff

The terms purchasing, procurement, supply, supply-chain and materials are all closely linked

• True

• False

The terms purchasing, procurement, supply, supply-chain and materials are not closely linked

• True

• False

Define Usage purchasing as:

• describes the process of buying, learning the need, supplier selection, price negotiation and then following up to ensure timely delivery.

• covers a broader array of processes, including purchasing, stores, traffic, receiving and inspection.

• is often used to refer to the department’s efforts to improve procurement.

• is the management of materials.

Define procurement as:

• describes the process of buying, learning the need, supplier selection, price negotiation and then following up to ensure timely delivery.

• covers a broader array of processes, including purchasing, stores, traffic, receiving and inspection.

• is often used to refer to the department’s efforts to improve procurement.

• is the management of materials.

Define Supply management or supply-chain management as:

• describes the process of buying, learning the need, supplier selection, price negotiation and then following up to ensure timely delivery.

• covers a broader array of processes, including purchasing, stores, traffic, receiving and inspection.

• often used to refer to the department’s efforts to improve procurement.

• is the management of materials.

Define materials management as:

• describes the process of buying, learning the need, supplier selection, price negotiation and then following up to ensure timely delivery.

• covers a broader array of processes, including purchasing, stores, traffic, receiving and inspection.

• often used to refer to the department’s efforts to improve procurement.

• the management of materials.

(a)   planning determines what to procure and when