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Procurement Knowledge Quiz

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Questions and Answers

Which of the following is the primary responsibility of procurement?

Performing maintenance functions

Controlling inventory levels

Managing production scheduling

Obtaining equipment and supplies (correct)

What is the main purpose of procurement?

To increase inventory levels

To reduce production costs

To acquire materials at the right time and place (correct)

To manage engineering functions

Why is procurement considered one of the basic functions common to all types of business enterprise?

Because it is responsible for managing inventory levels

Because no business can operate without it (correct)

Because it is responsible for scheduling production

Because it is responsible for performing maintenance functions

What is procurement?

The management of a company's external resources for primary and support activities Signup and view all the answers

What percentage of a typical manufacturing firm's total product cost is represented by the cost of materials?

Around 50 percent Signup and view all the answers

What are the four criteria that procurement is concerned with when acquiring materials?

Right quantity, right price, right time, right place Signup and view all the answers

Study Notes

Procurement Overview

Procurement is primarily responsible for acquiring goods, services, or works from an external source.
The main purpose of procurement is to obtain goods, services, or works from an external source, often via a tendering or competitive bidding process.

Importance of Procurement

Procurement is considered one of the basic functions common to all types of business enterprise because it is essential for the operation of the business.

Definition of Procurement

Procurement refers to the process of obtaining or acquiring goods, services, or works from an external source.

Cost of Materials in Manufacturing

The cost of materials typically represents 50-70% of a typical manufacturing firm's total product cost.

Criteria for Material Acquisition

Procurement is concerned with four key criteria when acquiring materials: quality, cost, delivery, and service.

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Description

Test your knowledge on procurement with this quiz! Learn about the different aspects of procurement, including acquisition, pricing, timing, and location. This quiz will cover the basic functions and responsibilities of procurement, as well as legal considerations and best practices.