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Purchasing (1. Purchasing Participants and Objectives (objectives…
Purchasing
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Purchasing Process
planning
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sole-source supplier: the only supplier capable of meeting requirements for an item.
single-source supplier: a company selected to have 100% the business for a part although alternate suppliers are available.
multisourcing: procurement of a good or service from more than one independent supplier.
request for quote (RFQ): a document used to solict vendor responses when a product has been selected and price quotations are need from several vendors.
vendor-managed inventory (VMI)
consignment: the process of a supplier placing goods at a customer location without receiving payment until after the goods are used or sold.
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execution
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manage purchasing cycle
apply: low-volume/ one-time purchase
involve:
generate requisition--> issue purchase order (PO)--> follow up--> receive goods--> approve payment
manage contract buying
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contact buying: the authorization of material releases against a long-term contract.
supplier scheduling: suppliers use the planned orders directly in their own MRP process.
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