3.2 - Procurement Flashcards
1
Q
Procurement
A
The attainment of resources/supplies for the operation of a business
2
Q
Supply chain
A
All the businesses, people, and activities that take part in production processes until reaching the customer
3
Q
Just-in-case production
A
Holds stocks just in case there is a delay from supplies or a sudden unexpected increase in demand
4
Q
Purchasing economies of scale
A
Occur when the cost per unit falls if large orders are placed with suppliers due to a bulk discount
5
Q
Logistics
A
Refers to the movement of goods, services, information and money throughout the production process
