Procurement Critical Thinkings Samples For Students

This interview with Tania Seary, CEO of The Faculty, focuses on Procurement and its advantages over traditional Purchasing. For background, The Faculty is a management consulting firm based in Melbourne, Australia and focuses on helping organizations identify and initiate activities to optimize procurement strategy.

In the interview, Ms. Seary discusses procurement as a process of developing strategies to achieve long term cost reduction, manage supply chain risks, and gain competitive advantage, a concept that is different from traditional purchasing which is mainly just acquisition. She stresses that the benefits of moving from a traditional concept of purchasing to strategic procurement can be felt ...

What is ‘risk’ and how can it be accomplished successfully? You are required critically to analyze the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed.
Risk is the capability of losing something that is worth; weighed against the possibility to increase something that has quality. Qualities might be gained or lost when one takes a risk which results from a given action and/or inaction, predicted or unforeseen. Risk can also be characterized as the purposeful communication with vulnerability (Altemeyer 2004). Risk perception is the subjective judgment individuals ...

When the internal audit is being carried out, there are several problems that will be discovered by the internal auditors. One of the problems that will be discovered is the inappropriate keeping of accounts receivables. Accounts receivable should be kept in an appropriate manner to allow the hospital make some follow-ups on the accounts that have not been settled. Due to the inadequate knowledge, then it might be impossible to keep appropriate records of the accounts receivable. When the records of the accounts receivable are not kept properly some of the patients might take advantage of the situation and ...

Since U.S. was established as a nation, its citizens have been reluctant to give the government too much power. Many a time, they have expressed massive suspicion of the politicians. However, the Americans have often turned to the government for help during times of need, over the course of American history. They have also strongly given the government unwavering support in times of war. The government’s power started expanding in 1933 in order to meet the crises that were created by crash of the stock exchange market in 1929. Congress passed legislation which brought American government into the businesses of ...

Revenue cycle refers to all the undertaking of a business entity which generates revenue in exchange of commodities either being goods or services.

In a merchandising company the revenue cycle consist of key stages which are crucial in administration of revenue generated in relation to goods sold as well as goods purchased for sale by the merchandising firm. The key stages of a revenue cycle system include the purchase, which involves the procurement of inventories for resale, purchase of inventories is carried out by the procurement department, the second stage is the sales stage which is administered by the sales department, in ...

The lowest purchase price concept is the most obvious, yet the most primitive approach to evaluating procurement strategies. It includes the stated price of the item, offered discounts and the timing of the payment. Although it is an important aspect of procurement decision-making, it is only a tip of the iceberg of costs associated with a purchase.
Total Cost of Ownership (TCO) incorporates service cost and life cycle cost in addition to the previously described purchase price. TCO comprises of pretransactional, transactional and posttranslational components, allocating cost to each of them. Among the most significant elements to be considered are ...

Introduction

A supply chain is the systematic organization of an organization’s resources, including the labour, information and efforts geared towards achieving smooth and effective distribution of products and or services from the point of supply to the intended customers. As the name suggests, supply chain is a series of connected activities, which must not be broken at any point without affecting the ultimate goal of making the product or service reach the consumer (Anning, Okyere & Annan, 2013). It therefore requires a well framed and structured design for easy management and eventual gain of profits and avoidance of unnecessary losses. ...

This article gives an elaborate introduction of the processes and activities involved in the supply chain management. The processes like procurement of the materials, processing of the materials as well as distribution of these materials to the relevant destinations and customers. The processes of transforming raw materials into finished goods are also well catered for in this article. The article shows that the supply chain is commonly found both in the manufacturing and service industry where the degree of complexity of the supply chain varies from one industry to another as well as between firms. The article shows that ...