procurement

___ refers to the raw materials, component parts, and supplies bought from outside organizations to support a company’s operations.

• Inbound logistics

• Procurement

• Materials management

• Supply management

Procurement costs often range between ___ and ___ percent of an

organization’s revenues.

• 60;80

• 50;70

• 40;60

• 30;50

Procurement’s historical focus in many organizations was to ___

• incur minimal supply disruptions

• use a limited number of suppliers

• minimize loss and damage

• achieve the lowest possible cost

Procurement and ___ are viewed as synonymous terms.

• materials management

• supply management

• purchasing

• inbound logistics

___ involves an increased focus on identifying and using data internally and across a supply chain so that a company can consolidate its purchasing power for enhanced value.

• Supply management

• Strategic sourcing

• Supply chain management

• Supply chain management

Which of the following is not a potential benefit associated with procurement cards (p-cards)?

• There is a reduced number of invoices.

• Users can make purchases in a more timely fashion.

• Suppliers can be paid in a more timely fashion.

• They can be used in non-domestic markets.

Which of the following is not a potential procurement objective?

• minimizing procurement costs

• supporting organizational goals and objectives

• managing the supply base

• supporting operational requirements

A focus on satisfying internal customers is associated with which procurement objective?

• managing the supply base

• supporting operational requirements

• supporting organizational goals and objectives

• managing the purchasing process effectively and efficiently

The selection, development, and maintenance of supply sources is associated with which procurement objective?

• 1. managing the purchasing process effectively and efficiently

• supporting operational requirements

• developing relationships with other functional groups

• managing the supply base

Buying the right products, at the right price, from the right source, at the right specifications, in the right quantity, and for delivery at the right time to the right internal customer is associated with what procurement objective?

• managing the supply base

• managing the purchasing process effectively and efficiently

• supporting operational requirements

• supporting organizational goals and objectives