"Specifications development, value analysis, supplier market research, negotiation, buying activities, contract administration, inventory control, traffic, receiving and stores" refers to the concept of _______.

Question

Quizplus · Accepted Answer

The given concept refers to procurement, which involves all the processes related to obtaining goods and services from external sources. This includes specifications development, value analysis, supplier market research, negotiation, buying activities, contract administration, inventory control, traffic, receiving and stores. Sourcing is a part of procurement, which involves identifying potential suppliers and selecting the best supplier for the required goods or services. Supply management focuses on managing the overall supply chain of the organization. Quality control involves ensuring that the goods or services obtained through procurement meet the specified quality standards.

"Specifications Development, Value Analysis, Supplier Market Research, Negotiation, Buying Activities