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Purchasing and Supply Management
INF 336 – Project Procurement Management
September 27, 2012
Purchasing and supply management is an important component of businesses worldwide. Inside purchasing and supply management, there consists several components, such as project supply, service, and material budgeting from comprehensive requirements, which show how to select the most qualified suppliers and strategies for negotiating prices. This leads to the process of purchasing and supply management which consist of the procurement, storage, and monitoring of goods, machinery, supplies, or other raw goods, sold in a store. The purchasing and supply executive is the person in charge of this division of this company, as well as in managing the other employees working in this section. For most businesses, specifically retailers, purchasing and supply management is one of the most important job descriptions in observing customer behaviors and making sure bestselling items are well-stocked.
The term, “purchasing,” is often limited to what its actual definition is, which is limited to just buying for the location as well as the selection of suppliers, learning whatever it is that needs to be bought, price negotiation and working on terms of agreement, then the payment and delivery of such products.
“Purchasing, supply management, and procurement are used interchangeably to talk about the mixing of related jobs to provide effective and efficient materials and services to the organization. Thus, purchasing or supply management is not only concerned with the standard steps in the procurement process: (1) the recognition of need, (2) the translation of that need into a commercially equivalent description, (3) the search for potential suppliers, (4) the selection of a suitable source, (5) the agreement on order or contract details, (6) the delivery of the products or services, and (7) the payment of...
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