CIPS L4M1 Scope and Influence of Procurement and Supply. Q&A, Rated A| LATEST UPDATE | EXAM PREDICTION QUESTIONS | | LATEST UPDATE | EXAM PREDICTION QUESTIONS | +

CIPS L4M1 Scope and Influence of Procurement and Supply. Q&A, Rated A+ What is Procurement? Procurement is a STRATEGIC function of a business obtains something Tangible as goods or Intangible as services. Include Purchasing Inventory, Logistics, Supply, Waste Management Quality, Cost, Added Value What is Purchasing? Is the ACT of physically ordering and buying something. Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen What is Supply? Is the INFRASTRUCTURE which ensures that products and services get from supplier to the customer. What is inventory? the stock of goods, materials or products What is a stock? Asset available in the warehouse What is asset? Value of everything an organization owns Fixed cost Costs do not change (Salaries, Insurance, Rent) Variable Cost Costs do change as they are linked to the business (Raw Material, Extra hours) Directly Cost (Direct Procurem