Purchasing and Supply Chain Management
6th Edition
ISBN: 9781285869681
Author: Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher: Cengage Learning
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Question
Chapter 19, Problem 1DQ
Summary Introduction
To determine: Performance and evaluation system and reason why a firm need to measure performance measurements?
Expert Solution & Answer
Explanation of Solution
Performance and evaluation system:
It is a formal and systematic methodology to observe and assess the purchasing performance. Every process has a standard value or target with which it is compared to analyze its performance and evaluate the system efficiency.
Reason why firm need to measure performance measurements:
There are numerous reasons a company is interested in measuring its performance. One of the commonly quoted reason is to improve the performance standards and prevent it from decreasing beyond a certain point.
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