Scmn 2150 test 2 Study guides, Class notes & Summaries

What is procurement? - Answer-process of actually purchasing goods and services How does procurement differ from strategic sourcing? - Answer-Procurement operations support tactical day-to-day transactions such as issuing purchase orders to suppliers, whereas strategic sourcing represents to strategic planning, supplier development, contract negotiation, supply chain infrastructure, and outsourcing models. What is outsourcing? - Answer-obtain (goods or a service) from an outside or foreign...

SCMN 2150 Test 2 Exam Questions And Answers (Updated And Verified) The purchase of merchandise at the optimum total cost, at the right time, in the right quantity - answerProcurement A company process that continuously re-evaluates and improves upon the companies procurement process - answerStrategic Sourcing The identification use and management of the resources a company needs to meet its goals - answerSupply management What is the goal of the procurement process? - answerhigher qualit...

SCMN 2150 Test 2 Auburn University with complete solution ( Latest updated )

SCMN 2150 Test 2 Auburn University (Quizzes & Ans) Latest!!

SCMN 2150 Test 2 Auburn University Exam Review Questions & Answers

SCMN 2150 Test 2 Questions And Answers (Updated And Verified) Supply management - answerThe 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 - answeran institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company procurement - answerthe purchase of merchandise or services at th...

What is procurement? : The purchase of merchandise or services at the optimum possible total cost in the correct amount and quality. How does procurement differ from strategic sourcing and supply management? : Procurement is buying the merchandise or services while SS tries to improve the buying process and SM is setting up in order to attain what it needs. What is strategic sourcing? : The process of analyzing an organization's spending and using the analysis to make effective decis...

supply management : 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 : an institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company procurement : the purchase of merchandise or services at the optimum possible total cost in the correct amount and quality At the ri...

SCMN 2150 Test 2 with complete solution ( Latest updated )

SCMN 2150 test 2 EXAM REVIEW SOLUTION Qs AND As What's the financial goal of procurement? - ANS-lowest total cost of ownership Companies devote limited time and effort to procurement and strategic sourcing because they can no longer provide a competitive advantage. - ANS-false What is the sequence of the five-step procurement process - ANS-1. identify need for material 2. evaluate supplier options 3. select best suppliers 4. release orders and receive products 5. measure and manage...