Purchasing is a process through which an organization attempts to acquire goods or services to accomplish the goals of the enterprise.
Different functions involved in purchasing process are as under.
1. Identifying functional requirement and equipments/services that are required to meet functional requirement along with technical specifications for them.
2. Obtaining administrative approval from authority for procuring the material/service, by presenting business case for same.
3. Ensuring availability of financial resource, by way of obtaining financial concurrence and sanctions for required/estimated amount.
4. Identifying probable suppliers for required material/service.
5. Identifying bid evaluation criteria (BEC), before inviting tenders, to ensure, that biases are avoided in purchasing processes. If the value is very high then organisation may decide to go for open tender, inviting tenders by placing advertisement in News Papers or on web sites.
6. The Request for Quotations are prepared and issued to all probable suppliers along with inviting tenders, mentioning all terms and condition of purchase.
7. Receipt of quotations. At specified time and date, as mentioned in tender document, the bids are received.
8. Opening of bids. All bids received in response to the tenders are opened and proper records of all bids received are maintained.
9. Technical suitability of the bids received is judged by technical department.
10. Commercial evaluation of the offers received is carried out to verify commercial suitability.
11. Comparative statement showing technical suitability and financial aspects is prepared, and presented to purchasing authority, for decision as to which bidder order to be placed.
12. Placement of order to lowest technically acceptable bidder.
13. Inspection of material to be procured, to confirm it meets criteria as mentioned in tender.
14. Delivery of material
15. Making payment
16. Closing of purchasing process.
It saves money (expenditures).
1.it prohibitsinsider trading 2.undertakes steps to educate investors 3.registration of brokers and sub brokers in the market 4.conducting enquiries and audits of stock exchange
what is the importance of purchasing
Function of mortgage bank is to lend for purchasing, reclaiming land and discharging old debts. They mortgage 50% of the land. Mortgage Bank commands its capital through deposits and dealing in shares and bonds. The period of loan usually ranges between 15 to 30 years.
the relation between purchasing and sales the relation between purchasing and finance
explain the functions of the purchasing department
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It saves money (expenditures).
The answer is that marketing and purchasing both uses money. and etc. Such as if i buy an outfit im purchasing something and the marketing department would get benefits.
Proteins provide building blocks for the structural components of organisms.
yes,both are same...methods are also known as functions,we call differently in different programing language
marketing, estimating, planning, scheduling, purchasing, accounting, and training
marketing, estimating, planning, scheduling, purchasing, accounting, and training.
commander will establish a sub-unified cmd
general management purchasing production marketing public relations human resources administration financial
A menu is a hierarchical arrangement of functions and menus of functions. Each responsibility has a menu assigned to it. and the sub menu is menu inside the main menu. we can say that group member of any menu is known as Sub Menu. we can take an example of "File" Menu of MS-Word, In File Menu We can Find Several Sub Menus like Save, SaveAs, Print, and etc. Mr. Gauro NETSA
ESS stands for Electronic Spreadsheet. For example, MS-Excel Talking about the mathematical functions, there are many. TO name a few, MIN, MAX, ADD, SUB etc.