Answered: SLO-3.3 The five “right objectives” of…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Question

SLO-3.3 The five “right objectives” of purchasing are:

A) Quality, Quantity, Price, Time, Place
B) Cost, Service, Specs, Time, Quantity
C) Place, Time, Price, Ethics, Contract
D) Agent, Supplier, Contract, Price, Quantity
Response TextE) Service, Time, Quality, Price, Quantity

SLO 4.1. The design and management of seamless, value-added processes across organizational boundaries to meet the needs of the end customer is called:

Supply chain management
Strategic sourcing
Value management
Customer relationship management
Strategic process management

Expert Solution

Introduction

Purchasing is an essential function of any business, as it involves the acquisition of goods and services necessary for the operation of the company. The objectives of purchasing are critical to the success of any business and are directly related to the overall goals and objectives of the organization. The primary aim of purchasing is to acquire the necessary goods and services at the right time, in the right place, at the right price, and in the right quantity to support the company's operations. In this way, purchasing can help to ensure that the company's resources are used efficiently, costs are minimized, and customer needs are met.
On the other hand, Supply chain management is a crucial aspect of business operations that involves the coordination of activities across the supply chain network, including suppliers, manufacturers, distributors, and customers. The objective of supply chain management is to create value for the end customer by ensuring that the right products are delivered to the right place, at the right time, and at the right cost. Effective supply chain management is critical to the success of any business, as it can help to minimize costs, reduce lead times, and improve customer satisfaction. In today's highly competitive business environment, supply chain management has become an essential component of strategic planning, enabling companies to gain a competitive advantage by optimizing their supply chain operations.