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Questions and Answers
What does procurement management contribute to organizational success?
Why does every organization need suppliers?
What is the objective of procurement?
What is the importance of procurement to organizational success?
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What is the nature of procurement management's contribution to organizational success?
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What is the main focus of procurement management?
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Why is effective purchasing and supply management important for organizational success?
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What is the overall objective of procurement?
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What does procurement management explore?
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Why does every organization need suppliers?
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Procurement's primary function is to serve production by supplying parts, materials on time according to production schedules, contract jobs, projects, new products.
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Procurement does not need to cooperate with engineering on new product design and specifications, and also value analysis/engineering.
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Procurement does not liaise and track with marketing on sales quota, sales quotations, costs of materials, new products.
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Procurement does not need to work together with planner on inventory level, production schedule change, lead time.
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Procurement does not follow up closely on transportation, charges, delivery schedules and information, delivery performance index.
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Study Notes
Procurement Management and Organizational Success
- Effective procurement management contributes to organizational success by ensuring timely supply of materials and parts according to production schedules.
- Every organization needs suppliers to provide necessary goods and services.
- The primary objective of procurement is to supply production with required parts and materials on time.
Focus of Procurement Management
- The main focus of procurement management is to support production by supplying necessary materials and parts according to production schedules.
Importance of Procurement
- Procurement is crucial for organizational success as it ensures timely supply of materials and parts, enabling production to meet schedules and deadlines.
Limits of Procurement Management
- Procurement management does not involve cooperation with engineering on new product design and specifications, or value analysis/engineering.
- Procurement does not liaise with marketing on sales quota, sales quotations, costs of materials, and new products.
- Procurement does not work together with planners on inventory levels, production schedule changes, and lead times.
- Procurement does not follow up on transportation, charges, delivery schedules, and information, or delivery performance index.
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Description
Test your knowledge of procurement management with this quiz covering the overview, role, importance, objectives, structures, and specialization within procurement. Challenge yourself with questions related to procurement management and enhance your understanding of this crucial business function.
