Describe and explain the procurement process.
Q: snip
A: Procurement is basically the process of purchasing goods and services and how business spending is…
Q: Use a pharmaceutical company as an example and discuss the importance of Procurement Management,…
A: Procurement management is in charge of supervising all of the procedures involved in purchasing the…
Q: how did you select the supplier/vendor in order to work within the budget limit?
A: Choosing the appropriate provider entails a lot more than looking through a bunch of pricing lists.…
Q: Explain the procurement strategic matrix using an example of a newly opened company.
A: The procurement strategic matrix, also known as the Kraljic matrix, is a matrix that attempts to…
Q: Explain the potential pitfalls in relying on factor weighing analysis for supplier selection
A: To be determined: the potential pitfalls in relying on factor weighing analysis for supplier…
Q: )explain the challenges in carrying out procurement plan
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Which of the following activities are required in the pre-award phase of the procurement process? a.…
A: Procurement process involves various stages such as pre-reward phase, award phase phase and post…
Q: A key part of the procurement process is the selection of suppliers. What criteria are commonly used…
A: The criteria which are commonly used in the selection process are as follows. Financial…
Q: Procurement- Selecting and managing waste handling suppliers does not require the same rigor as…
A: Procurement is most usually connected with companies because companies require to request services…
Q: a) Explain five (5) ways in which electronic systems can be used in the sourcing process. b)…
A: The sourcing process refers to the procurement of goods from a supplier, it includes all the…
Q: Describe when it's come to executing an indirect spend procurement plan and explain why is it so…
A: Indirect spending in procurement manages to obtain items and management that help a business'…
Q: Procurement comprises of three main stages namely identification of need, supplier selection and…
A: Hello thank you for the question. As per guidelines, we would provide only first three sub-parts at…
Q: How do you think that a procurement strategy can be directly linked to the organization’s strategy…
A: A procurement strategy deals with how a business deals with its procurement processes. The…
Q: The function of packaging refers to the ability of a product in a package to handle being…
A: Packaging simple implies the wrapping of product to transport and keep it clean easily. Packaging is…
Q: Procurement is defined as the process of establishing terms and conditions for acquiring goods and…
A: The cost included from procurement to delivering the goods are called as logistics cost. This…
Q: List the disadvantages (min 5 points) of traditional procurement approach and see what are the…
A: Honor code: Since you have asked multiple questions, we will solve the first question for you. If…
Q: At the Clorox Company, many new products are developed in conjunction with supply partners. When the…
A: Recognizing the Goods or Services required is the first phase of acquisition. Before the…
Q: its role in esta
A: In the current competitive business world, suppliers are one of the most important parts of an…
Q: Procurement is defined as the process of establishing terms and conditions for acquiring goods and…
A: there are 6 versions which are discussed below 1. Business-to-business (B2B) 2.…
Q: Renuka Machines Manufacturing Corporation Renuka Thomas, president of Renuka Machines Manufacturing…
A: The low bidder conundrum is one of the most significant roadblocks to government procurement of…
Q: Toyota Motors is trying to assess the performance of two manufacturers that could supply music…
A: Toyota making a buying decision a supplier has to go through the manufacturer’s proposals first,…
Q: discuss any three of the various sources available to identify the right suppliers
A: Supplier:- A supplier is a vendor from whom an organization purchases a product or service that it…
Q: Which industries are the most difficult for suppliers to anticipate in terms of client wants and…
A: Strategic management is the process of planning, organizing, monitoring, analyzing, and controlling…
Q: 1.) Developing a reliable and trustworthy supplier base is critical to success. True False
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Conduct an analysis of the way Kibby and Strand manages receiving, production, and shipping and…
A: Kibby and Strand , considering expansion of operations and need a knowledge collection plan and…
Q: Why are individual departments not permitted to deal directly with suppliers when a shop acquires…
A: Internal control assists a company in achieving its goals. It contributes to risk reduction, asset…
Q: Discuss three controls for government procurement?
A: Government procurement is the method through which the government takes the products and services.…
Q: Why is it necessary to consider "uncertainty" when evaluating supplychain process
A: A supply chain is a network of suppliers, manufacturers, retailers/wholesalers, and customers.
Q: e differences between theoretical procurement knowledge in class and practical procurement knowledge…
A: A Small Introduction About Procurement Procurement is the act of acquiring products or services,…
Q: Briefly and exactly explain how does the inventory management impacts the performance of the supply…
A: To be determined: Explain how does the inventory management impacts the performance of the supply…
Q: As a student of Procurement and Logistics management, discuss 5 reasons why we should study…
A: Financial accounting is defined as the special branch of accounting management which deals with the…
Q: Describe the actions that purchasing can take to reduce uncertainty associated with (a) supplier…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: For the Stock Management process, describe the IT software that might be used by the Procurement…
A: Business includes various activities that are associated with the buying, producing, distributing,…
Q: strategic procurement objectives questions and answer
A: Strategic procurement is an organizational wide process. It requires input from all departments and…
Q: What is the importance of supplier selection in the hospitality industry? Define inventory…
A: The supply chain is the system of resources, technologies, processes, and employees that help to…
Q: Why is it so critical to have senior executive help when it comes to implementing an indirect spend…
A: Organizations looking to merge also aim to achieve a comparative edge by balancing expenses across…
Q: a. Hypothetically, how did you select the supplier/vendor in order to work within the budget limit?
A: Product survey results and fictitious scenarios are used in hypothetical scenario marketing to…
Q: What is the purpose of Procurement and the factors that must be considered?
A: Customarily, the acquisition capacity's principle job is to guarantee that every single crude…
Q: Describe how the suppliers using a factor weighting appraoch
A: This technique combines more authentic news sources, and analysis generates a composite reward for…
Q: a) Explain how and why the “Identification of need and Specification of need” happen to be the two…
A: a) The first step in the procurement cycle is identifying the needs and why is it needed. This is…
- Describe and explain the procurement process.
- What is the importance of supplier selection in the hospitality industry?
- Define inventory management and its importance in the hospitality industry.
- Why is it important to have an indicator measuring the performance of Supply chain management in any organization?
Step by step
Solved in 2 steps
- What is the importance of supplier selection in the hospitality industry? Define inventory management and its importance in the hospitality industry. Why is it important to have an indicator measuring the performance of Supply chain management in any organization?What are the essential features and functionalities to consider when selecting an e-procurement solution for an organization?Prepare a short research paper explaining how to source computer chips which will be used in the manufacturing of the computers for your company who is planning to build them in China. Be sure to explain the entire sourcing and qualification process necessary in developing the entire Supply Chain. Explain the key factors involved and how they will impact your operations. Identify all companies you will be considering as vendors and explain why their selection. The paper should be double spaced in MLA format and contain at least 2 academic references not including textbook which can be used as well and as many websites needed, all will need to be MLA format on a separate reference page.
- Vendor selection is a process that allows clearly stating, defining and approving those vendors which meet requirements of a procurement process. Describe some vendor selection criteria for an Enterprise Resource Planning (ERP) system.a) Explain five (5) ways in which electronic systems can be used in the sourcing process.b) Describe five (5) ways in which added value may be created for a buying organization through an effective sourcing process c) With examples, explain the various forms of unethical behavior practiced in the procurement profession.List the disadvantages (min 5 points) of traditional procurement approach and see what are the methods or strategies to improve the system by having other forms of procurement systems. Explain the pros and cons of the selected tender method in a table form and how this method may be enhanced.
- As a supply chain and logistics management student, you have completed key aspects of the discipline throughout your qualification, namely, purchasing management, supplier relationship management, warehouse management and strategic supply chain management. This question requires you to reflect on your knowledge and understanding of supply chain management. You are required to write a one-page report where you reflect on: • Which areas of this module did you find most interesting and challenging to learn about? Why? • If the procurement process for inventory is not ethically done, what do you think would be the impact on organisations? • Do you think the individual responsible for managing inventory i.e., performing ABC analyses or tracking inventory through a warehouse needs to be analytical? Why or why not? • Would using artificial intelligence through computer programs give a non-analytical person an advantage? • Could a career in inventory management be the future for you? Why or…Assume that you are the Purchasing Manager recently joined to a manufacturing company which consistswith several functional divisions. You are reporting to the Managing Director of the company. The companyhas been implementing a purchasing strategy with less coordination with the other functional groups withinthe company. Moreover, there has been no coordination with its suppliers. As a qualified person with aMBA in supply chain management, you identified that it is required to do changes in many areas, especiallythe integration and collaboration of functional divisions when developing purchasing strategies. Write aone-page memo to the Managing Director outlining the benefits of having regular meetings between theheads of design, marketing, production and yourself when implementing the purchasing strategy. Indicatethe possible advantages of involving suppliers in the preparation of specifications for bought-out items andon developing new products. Describe at least four benefits of…Assume that you are the Purchasing Manager recently joined to a manufacturing company which consistswith several functional divisions. You are reporting to the Managing Director of the company. The companyhas been implementing a purchasing strategy with less coordination with the other functional groups withinthe company. Moreover, there has been no coordination with its suppliers. As a qualified person with aMBA in supply chain management, you identified that it is required to do changes in many areas, especiallythe integration and collaboration of functional divisions when developing purchasing strategies. Write aone-page memo to the Managing Director outlining the benefits of having regular meetings between theheads of design, marketing, production and yourself when implementing the purchasing strategy. Indicatethe possible advantages of involving suppliers in the preparation of specifications for bought-out items andon developing new products.