The role of procurement

• Identifying needs is a key task of procurement.


  True
• Sourcing suppliers involves determining the specific goods and services required by the business.

  False
• Selecting appropriate suppliers is crucial for operational efficiency.


  True
• Supplier evaluation assesses their performance over time.

  True
• Selecting appropriate suppliers directly impacts a business's reliability.


  True
• Selecting appropriate suppliers is crucial for a business's operational success
• Flexibility refers to the ability to adapt to market changes
• List the strategies involved in effective supplier relationship management:

  1️⃣ Regular communication and feedback

  2️⃣ Collaborative problem-solving

  3️⃣ Aligning goals and incentives

  4️⃣ Providing performance feedback

  5️⃣ Offering support and training
• What are the four key tasks involved in the procurement process?

  Identify needs, source suppliers, negotiate prices, manage delivery
• What are two key strategies for cost management in procurement?

  Supplier selection, contract negotiation
• Match the task with its description:

  Identifying Needs ↔️ Determining goods and services required

  Sourcing Suppliers ↔️ Finding suitable suppliers

  Negotiating Prices ↔️ Reaching acceptable terms

  Managing Delivery ↔️ Ensuring goods arrive on time
• Procurement involves four key tasks, including managing delivery
• Match the factor with its importance in supplier selection:

  Quality ↔️ Ensuring required standards

  Reliability ↔️ Delivering orders on time

  Cost ↔️ Maintaining profitability

  Flexibility ↔️ Adapting to changes
• Match the evaluation method with its criterion:

  Product testing ↔️ Quality

  Order fulfillment rates ↔️ Reliability

  Price comparison ↔️ Cost

  Ability to handle changes ↔️ Flexibility
• Competitive pricing from good suppliers reduces operational expenses
• What are the four key factors that good suppliers influence positively?

  Cost, quality, reliability, flexibility
• What is the difference between supplier selection and supplier evaluation?

  Choosing vs. assessing performance
• What is one key benefit of maintaining strong supplier relationships?

  Reliable supply chain
• Good procurement practices can lead to reduced operational expenses
• Inventory management aims to minimize holding costs
• What is one goal of supplier relationship management in procurement?

  Foster strong partnerships
• Procurement is the process of obtaining the goods and services a business needs to operate effectively
• The four key tasks of procurement enable a business to obtain the necessary resources
• Order the four key tasks of procurement:

  1️⃣ Identifying Needs

  2️⃣ Sourcing Suppliers

  3️⃣ Negotiating Prices

  4️⃣ Managing Delivery
• Evaluating suppliers based on quality, reliability, cost, and flexibility reduces operational risks
• The four tasks of procurement enable a business to obtain the necessary resources to function efficiently
• What are the three factors influenced by choosing the right suppliers according to the study material?

  Efficiency, cost, quality
• Reliability in supplier relationships ensures on-time deliveries and steady inventory.


  True
• Match the evaluation criterion with its evaluation method:

  Quality ↔️ Product testing

  Reliability ↔️ Order fulfillment rates

  Cost ↔️ Price comparison

  Flexibility ↔️ Ability to handle demand changes
• Effective supplier relationship management can enhance overall competitiveness by building a responsive supply chain.


  True
• Match the factor with its impact under good or poor procurement:

  Cost ↔️ Reduced operational expenses

  Quality ↔️ Consistent quality of goods

  Reliability ↔️ Timely delivery of goods

  Flexibility ↔️ Adapt to changes in demand
• Process automation in procurement reduces administrative costs and improves responsiveness.


  True