Mhat meaning purchase Planning and control?

Answer 1

Purchase planning and control refers to the systematic process of determining an organization's purchasing needs, budgeting for those purchases, and managing the procurement process to ensure that goods and services are acquired efficiently and cost-effectively. It involves forecasting demand, selecting suppliers, negotiating prices, and monitoring inventory levels to avoid overstocking or stockouts. Effective purchase planning and control helps organizations optimize their resources, reduce costs, and improve overall operational efficiency.