Procurement and terms related_Week1_T3

PROJECT PROCUREMENT deals with the _________or purchasing of goods and services

PROCUREMENT MANAGEMENT involves the sequence of ___________ 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.

____________ planning determines what to procure and when