What is Vendor Managed Inventory (VMI)? Features, Benefits
What is Vendor Managed Inventory? Vendor Managed Inventory (VMI) is a supply chain management practice in which the vendor or supplier of a product manages the inventory of that product…
What is Purchasing Cycle? Steps, Purchase Orders Agreements, Blanket Purchase Order
What is Purchasing Cycle? The purchasing cycle refers to the process that a company or individual goes through when making a purchase. Purchasing is the formal process of buying products…
What is RFX in Procurement?
What is RFX in Procurement? RFx is a term, used to refer to a family of ‘Request For…’ documents. RFx is used to collect different types of responses from suppliers.…
What is Procurement Negotiation? Phases, Steps in Development Strategy, Outcomes, Methods for Win-Win
What is Procurement Negotiation? Negotiation in procurement management can be defined as a process that involves a formal discussion between the buyer and the supplier toward reaching the desired outcome…
Types of Requisition
The material purchase requisitions could be generated through any of the following means: Standard purchase requisition form from internal users Auto-generated requests from Material Requirement Planning (MRP) Forecasts and customer…
What is Procurement Management?
What is Procurement Management? Procurement management refers to the process of acquiring goods, services, or works from an external source to fulfill the needs of an organization. It involves the…
