Verifed Ace the Test
supply management - ANSWER ✔✔The identification, acquisition,
access, positioning, management of resources and related capabilities
the organization needs or potentially needs in the attainment of its
strategic objectives
strategic sourcing - ANSWER ✔✔an institutional procurement
process that continuously improves and re-evaluates the purchasing
activities of a company
procurement - ANSWER ✔✔the purchase of merchandise or services
at the optimum possible total cost in the correct amount and quality
At the right price
, From the right source
At the right specification
In the right quantity
For delivery at the right time
To the right internal customer - ANSWER ✔✔6 specifics of buying
products and services for procurement
buy products and services - ANSWER ✔✔the 'what' of the focus of
procurement
Understand business requirements
Streamline purchasing processes
Identify better sources of supply - ANSWER ✔✔the 'how' of the focus
of procurement
1. Monitor KPIs and take corrective action, to ensure value is provided
by suppliers
2. Create visibility into process and performance across the entire supply
management life cycle - ANSWER ✔✔2 reasons why it is important
to evaluate suppliers
key performance indicator - ANSWER ✔✔KPI