ENTREPRENEURSHIP

Detailed explanation-1: -When faced with an issue, the company identifies a need, which results in the purchase of a product or service. Internally, the company may, for example, need new equipment in order to launch a new product.

Detailed explanation-2: -Step 5 – Create Contract Once an agreement is reached, a contract is created and signed. For many transactions, the purchase order is the contract. For complex situations, you may have a contract and then create a separate purchase order. Creating the purchase order will include activating your procurement system.

Detailed explanation-3: -1 – Identifying need. The procurement process always starts with the same component – need. 2 – Supplier evaluation and selection. 3 – Purchase order. 4 – Delivery. 26-Jun-2017

Detailed explanation-4: -Step 0: Needs Recognition. Step 1: Purchase Requisition. Step 2: Requisition review. Step 3: Solicitation process. Step 4: Evaluation and contract. Step 5: Order management. Step 6: Invoice approvals and disputes. Step 7: Record Keeping. 27-Mar-2023

Detailed explanation-5: -Identify which goods and services the company needs. Submit purchase request. Assess and select vendors. Negotiate price and terms. Create a purchase order. Receive and inspect the delivered goods. Conduct three-way matching. Approve the invoice and arrange payment. More items •23-Mar-2021