1. The Essential Concepts of Purchasing and Supply Management

The chapter discusses the roles and objectives of procurement in an organization and in supply chain operations, describes the different types of spending and buying methods, and defines key terminology. Supply management is an important business function that makes a significant contribution to both the top and the bottom line of the organization. The supply chain starts with finding, selecting, and managing effective and efficient suppliers of materials, equipment, and services. The capabilities of these suppliers are an important asset to the organization in terms of innovation and customer value.

Learning Objectives

After completing this chapter, you should be able to:

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