This course covers the domain of purchasing and the flow of purchasing tasks—from determining the requirements for goods and services through to their acceptance. Major topics include supply chain management, purchasing as a socioeconomic force, purchasing and profit, profit multiplier, purchasing objectives, and the purchasing process. The practical use of all basic procedures and purchasing techniques is explained, including purchasing services; organizational considerations and alternative; sourcing; quantity; and inventory planning and control. The course also covers price determination; negotiation and cost-price analysis; capital acquisitions; value analysis; quality requirements; specifications; inventory cost savings; shipping; and purchasing with ethical and social responsibility.
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