MANAGEMENT

Detailed explanation-1: -Purchase management is an important process in any business, whether manufacturing, wholesale or retail. Purchasing management governs the purchase strategies of the company for cost management, profit, and efficiency.

Detailed explanation-2: -Purchase management is the process of procuring items from external suppliers. It’s the management of purchasing, receiving, reviewing and approving purchase orders. Purchase management also includes managing the relationship with the supplier.

Detailed explanation-3: -Purchasing management can help control costs in various ways. For example, purchasing management involves understanding the supply chain and the raw materials market fluctuations. Proper purchasing management involves seeking the best possible price for raw materials.