33:799:301 Lecture Notes - Lecture 4: Outsourcing, Inventory Turnover, Petty Cash

• School: Rutgers University
• Department: Supply Chain Management
• Course: 33:799:301
• Professor: D Klepacki

Document Summary

Procurement: selecting & vetting suppliers, negotiating contracts, est. payment terms. & actual purchasing of goods/services: buying things. Purchasing: obtaining merchandise, capital equipment, raw materials, services/ maintenance, repair & operating supplies in exchange for : how goods & services = ordered, buying for internal clients w/i your company (needs of your client) E-procurement: electronic method of purchasing; b2b purchase/sale of supplies/ services over the internet. Merchants: wholesalers & retailers who purchase 4 resale. Industrial buyers: b2b purchasing at high level w/i org. ; items = bought 4 conversion into products. Contracting: acquisition of services (ie: can be consultants) Supply mgmt: encompasses all acquisition activities beyond simple purchase transaction. Purchase requisition: de nes need for goods/services (internally used) Purchase order: buyer"s offer to supplier 2 acquire goods/services. !1: uninterrupted receipt of material, equipment & services so business can perform at. Tuesday, september 26, 2017 lowest cost: improve quality of nished goods produced, optimize customer satisfaction.