The buyer should assume that the purchasing cycle ends with the receipt of an ordered item or the selection of a supplier.

Question

Quizplus · Accepted Answer

The purchasing cycle involves several steps such as identifying a need, researching suppliers, selecting a supplier, negotiating contracts and prices, issuing a purchase order, receiving the goods or services, and processing invoices for payment. The cycle ends with the evaluation of the supplier's performance and the renewal of the contract or the search for a new supplier. The receipt of an ordered item or the selection of a supplier is only a part of the overall process, and there are other steps that need to be considered.

The Buyer Should Assume That the Purchasing Cycle Ends with the Receipt