Recap

MODULE NAME: PROCUREMENT AND PUBLIC PROCUREMENT

UNIT NAME: M ANAGEMENT CONCEPTS AND TECHNIQUES

In this unit, you have learnt that:

 Value represents the extent of satisfaction, of a hierarchy of needs of a person, by a
product bought for the purpose
 TCO takes into consideration the total of various elements of costs incurred over the
whole-of-life of the product
 VfM is obtained when the perceived value of a product matches the perceived value
of the amount of money
 Value analysis is a process of systematic review that is applied to product
specification. It identifies and eliminates product and service features that add little
value to the product
 Just-in-time is an inventory control philosophy. Its goal is to maintain just enough
material in just the right place at just the right time to make just the right amount of
product
 Total Quality Management is the optimisation and integration of all the functions and
processes of a business. It is done through a process of continuous improvement. It
aims at providing total satisfaction to customers
 Six Sigma is the application of a structured, data-driven statistical methodology to
business processes. It helps in improving effectiveness, thereby raising profitability
 Game theory deals with any problem such as tenders in public procurement in which
each player’s strategy depends on what the other players do

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