10 Questions
What is the critical decision involved in options appraisal?
Evaluating the 'make or buy' decision
Which type of organization purchases goods for tangible production purposes with significant commercial value?
Industrial Producer
What do institutions as organizational buyers independently purchase goods and services for?
Organizational use
What type of purchase involves items ready for use or resale without requiring major processing?
Finished products
Which type of purchasing involves items purchased in their original form without significant processing?
Raw materials
Which step in the purchasing process chain involves identifying needs and creating a product description & specification?
Step 1: Identifying needs
What is the main focus of procurement compared to purchasing?
Acquiring goods, works, and services
In the context of purchasing, what does 'Right stuff' refer to?
The correct items needed
What does the term 'P-2-P Steps' refer to in the text?
Purchasing process chain steps
What does procurement cover in terms of acquisitions?
Acquisitions from third parties and in-house providers
Test your knowledge of the purchasing process chain, from identifying needs and sourcing to establishing sale contracts. Learn about the method of acquisition, obtaining goods and services, procurement, and contract administration.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
