BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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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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Detailed explanation-1: -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-2: -Purchasing roles in an organization include; To ensure that materials of the right quality, in the right quality, from the right source/supplies at the right price, at the right time and at the right place.
Detailed explanation-3: -Procurement involves every activity involved in obtaining the goods and services a company needs to support its daily operations, including sourcing, negotiating terms, purchasing items, receiving and inspecting goods as necessary and keeping records of all the steps in the process.