ENTREPRENEURIAL OPERATIONS
PRODUCTION PLANNING AND CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A request or instruction to a vendor for a material or service at a specific time
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Planned Order
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Production Order
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Purchase Order
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None of the above
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Explanation:
Detailed explanation-1: -An RFQ is an invitation to a vendor by a Purchasing Organization to submit a bid for the supply of materials or services. Quotation continued: Legally binding on the vendor for certain period.
Detailed explanation-2: -The main difference between a purchase requisition and a purchase order is that a purchase requisition is for getting internal permission to buy goods or services, whereas a purchase order is for actually purchasing the goods or services.
Detailed explanation-3: -A requisition order is a document used to request the purchasing of goods or services on behalf of a firm, submitted by an authorized employee or department, and approved by the financial department.
There is 1 question to complete.