ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Managing purchases includes ____
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Selecting the cheapest, lowest quality goods you can find.
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Selecting the appropriate quality goods that match your needs.
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Selecting the most expensive, highest quality goods.
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None of the above
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Explanation:
Detailed explanation-1: -The purchasing management has to analyze and decide the best suppliers as per the quality of products and most reasonable cost. They also review many other factors like if the vendor or supplier can guarantee timely shipments, what’s their reputation in the industry and relevant experience.
Detailed explanation-2: -Your six-step guide to a purchasing process: Identify your needs (goods or services) Create your purchase requisition. Create your purchase order. Receive goods receipt. Receive invoice and three-way matching.
There is 1 question to complete.