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  • Unit 2 Part 4 Purchase Management

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    Tushar Madan
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    Purchase management involves planning and controlling the acquisition of goods and resources from suppliers to further an organization's administrative and strategic goals. It is important for cost-effective production, strategic purposes, and from both top management and functional perspectives. The key activities include tactical purchasing, strategic sourcing, and the eight main steps are receiving requisitions, selecting suppliers, requesting quotations, determining price, issuing purchase orders, following up on deliveries, receiving goods, and approving invoices.

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    Unit 2 part 4 Purchase Management PPT

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    Purchase management involves planning and controlling the acquisition of goods and resources from suppliers to further an organization's administrative and strategic goals. It is important for cost-effective production, strategic purposes, and from both top management and functional perspectives. The key activities include tactical purchasing, strategic sourcing, and the eight main steps are receiving requisitions, selecting suppliers, requesting quotations, determining price, issuing purchase orders, following up on deliveries, receiving goods, and approving invoices.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    4 views9 pages

    Unit 2 Part 4 Purchase Management

    Uploaded by

    Tushar Madan
    Purchase management involves planning and controlling the acquisition of goods and resources from suppliers to further an organization's administrative and strategic goals. It is important for cost-effective production, strategic purposes, and from both top management and functional perspectives. The key activities include tactical purchasing, strategic sourcing, and the eight main steps are receiving requisitions, selecting suppliers, requesting quotations, determining price, issuing purchase orders, following up on deliveries, receiving goods, and approving invoices.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 9

    Purchase management

    VIPS
    Introduction

    Purchase management is concerned with the


    planning and controlling of the acquisition of
    suppliers goods and resources, to fulfill the
    administrative and strategic objectives of the
    organization.
    Importance of Purchase management
    • For cost effective production
    • For strategic purpose
    • From a top management perspective
    • From Functional perspective
    Purchasing Activities
    • Tactical Purchasing
    • Strategic Sourcing
    Types of Purchasing
    • Individual Purchase
    • Organizational Purchase
    Eight Steps Involved in Purchasing
    Step 1: Receiving and analyzing purchasing requisition
    Step 2: Selecting Suppliers
    Step 3: Requesting quotations
    Step 4: Determining the right price
    Step 5: Issuing a purchasing order
    Step 6: Following-up and delivery
    Step 7: Receiving and accepting goods
    Step 8: Approving supplier’s invoice for payment
    Most common methods of purchasing
    • Purchasing by requirement
    • Market purchasing
    • Speculative purchasing
    • Purchasing for specific future period
    • Contract purchasing
    • Scheduled purchasing
    • Group Purchasing of small items
    • Co-operative purchasing
    Instruments of purchasing
    • Purchase through Open tenders
    • Purchase through limited tenders
    • Purchase through single tender
    THANK YOU

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