MNP3701 Assignment 1 Semester 1 2023{211581}

supply management - --focused on the acquisition process recognizing the supply chain and organizational contexts -special emphasis on decision making that aligns the supplier network and the acquisition process with organizational goals and strategies and ensures short and long term value for funds spent -the supply function and suppliers is critical for - -the organization's success, competitive advantage, and customer satisfaction -to increase long-term shareholder value, the company must - -increase revenue, decrease costs, or both -Negotiation is receiving - -increasing emphasis, as opposed to competitive bidding -Longer term contracts are replacing - -short-term buying techniques -E-commerce tools - -permit faster and lower-cost solutions, not only on the transaction side of supply but also in management decision support -it is ideal and important for suppliers to meet these supply objectives - --quality -quantity -delivery -price -service -continuous improvement