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Procurement management - Coggle Diagram
Procurement management
Purchasing & Procurement
Purchasing characteristic:
- Reactive
- Transactional
- Tactical
5 Rights of Procurment:
- Right quality
- Right quantity
- Right place
- Right time
- Right price
Definition
- Procurement: Includes purchasing, activities prior to and after the act of purchase => occur frequently, periodically, long-term solution
- Purchasing: To acquire the right quality of material, at the right time, in the right quantity, to the right place, at the right price. => temporary, short-term solution
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