The Role Of Procurement
Aperçu
A customer walks into a clothes shop wanting the jacket she saw online, in her size, in navy. The shop has it in three sizes and two colours, and neither of them is hers. She leaves. Nothing was wrong with the jacket, the price, the staff or the shop. The business lost the sale because of a decision taken weeks earlier, by somebody she will never meet, about how much of what to order.
Procurement is the unglamorous part of a business that decides whether the glamorous parts work. In this lesson you will learn how stock is managed, what just in time really costs as well as what it saves, and why holding spare stock is a genuine business decision rather than an oversight. Then you will look at how a business chooses its suppliers, weighing price against quality and reliability. This is a Business operations topic, so it appears on Paper 1 only, and it has produced a six mark question in every recent series precisely because the trade-offs in it are so easy to state and so hard to settle.
Objectifs
- Managing stock:
- Just in time (JIT).
- Factors affecting choice of suppliers.
Carte mentale
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Note de cours
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Évaluation de la leçon
Félicitations, vous avez terminé la leçon sur The Role Of Procurement. Maintenant que vous avez exploré le concepts et idées clés, il est temps de mettre vos connaissances à lépreuve. Cette section propose une variété de pratiques des questions conçues pour renforcer votre compréhension et vous aider à évaluer votre compréhension de la matière.
Vous rencontrerez un mélange de types de questions, y compris des questions à choix multiple, des questions à réponse courte et des questions de rédaction. Chaque question est soigneusement conçue pour évaluer différents aspects de vos connaissances et de vos compétences en pensée critique.
Utilisez cette section d'évaluation comme une occasion de renforcer votre compréhension du sujet et d'identifier les domaines où vous pourriez avoir besoin d'étudier davantage. Ne soyez pas découragé par les défis que vous rencontrez ; considérez-les plutôt comme des opportunités de croissance et d'amélioration.
- Which one of the following is a benefit to a business of using just in time stock control? A. It can always meet a sudden rise in demand from stock B. It keeps the discounts available for bulk orders C. Less money is tied up in stock D. It needs fewer deliveries Answer: C
- Which one of the following is a cost of holding buffer stock? A. Money is tied up that could be used elsewhere B. Production stops when a delivery is late C. Sales are lost when an item is unavailable D. The business loses its bulk purchasing discount Answer: A
- A business holds stock worth an average of 150,000. Holding stock costs 20 per cent of its value each year. What is the annual cost of holding that stock? A. 3,000 B. 7,500 C. 30,000 D. 75,000 Answer: C
- Which three factors does the specification name as affecting the choice of supplier? A. Location, size and age B. Price, quality and reliability C. Price, advertising and packaging D. Quality, ownership and profit Answer: B
- Why is reliability of supply especially important to a business using just in time? A. Because it holds no stock to fall back on if a delivery is late B. Because it must buy in very large quantities C. Because its customers pay in advance D. Because it has no storage space to rent Answer: A
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