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What are the six procurement methods used by procurement teams in a company?

  • Open tendering, restricted tendering, request for proposal, two-stage tendering, request for quotations, and multiple-source procurement.
  • Open bidding, restricted bidding, request for proposal, two-stage bidding, request for quotations, and single-source procurement.
  • Open tendering, closed tendering, request for quotation, single-source procurement, two-stage tendering, and request for proposal.
  • Open tendering, restricted tendering, request for proposal, two-stage tendering, request for quotations, and single-source procurement. (correct)

    • What does procurement complexity refer to?

  • The quality of goods or services purchased
  • The level of difficulty involved in buying goods or services (correct)
  • The ease of buying goods or services
  • The cost of buying goods or services

    • What is the purpose of a purchasing system in a business?

  • To acquire everything the business needs
  • To control cash inflows
  • To control cash outflows and acquire only what is needed at reasonable prices (correct)
  • To make purchases at unreasonable prices

    • What is the difference between procurement and purchasing?

    <p>Procurement is the process of acquiring goods and services, while purchasing is the set of steps associated with executing a transaction between organizations.</p> Signup and view all the answers

    What is the purpose of the first procedure in two stage tendering?

    <p>To score technical proposals based on relevance to the procurer's needs</p> Signup and view all the answers

    Why is procurement planning important?

    <p>It is a prerequisite for successful implementation of projects</p> Signup and view all the answers

    What is a key input to a purchasing system?

    <p>The production planning system</p> Signup and view all the answers

    What was the initial focus of purchasing in organizations?

    <p>Tactical relationships and low price</p> Signup and view all the answers

    What is open tendering?

    <p>A process where companies are invited to bid on goods in an open competition or solicitation manner.</p> Signup and view all the answers

    When does the bidder submit a financial proposal in two stage tendering?

    <p>After the technical proposal is agreed upon</p> Signup and view all the answers

    What determines the winning bidder in two stage tendering?

    <p>The combined score of both proposals</p> Signup and view all the answers

    Which procurement method involves requesting a detailed proposal from potential suppliers?

    <p>Request for proposal</p> Signup and view all the answers

    Is it possible for the production planning system to automatically place replenishment orders with suppliers?

    <p>Yes, it is possible</p> Signup and view all the answers

    How does procurement planning facilitate efficient treasury management?

    <p>By spreading out annual procurement activities</p> Signup and view all the answers

    What is the definition of purchasing?

    <p>The set of steps associated with executing a transaction between organizations and their suppliers to buy goods and services.</p> Signup and view all the answers

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