Purchasing Department - Roles and Process
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It refers to the activity of acquiring goods or services to accomplish the goals of an organization. It is the procurement of materials and other requirements from certain external agencies. It includes activities like deciding what to buy, where to buy, when to buy, how much to buy and at what prices to buy.
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Material management refers to the planning, organizing, and control of materials from procurement to consumption. It aims to ensure the right materials are available in the necessary quantities and at the lowest cost. Material management involves functions like materials planning, purchasing, inventory control, and disposal. The overall objectives are to minimize costs, maintain adequate inventory levels, and ensure continuity of supply while meeting quality standards. An effective material management system is crucial for efficient operations and optimal resource utilization within an organization.
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Principles of Purchasing Management OR (8 R'S)
Functions of Purchasing Management
Negotiating
Value Engineering
VALUE ANALYSIS
Receive Purchase Request
Supplier selection
Payment Authorization
Market research and Information
Selection of Source
Determination of Price and Availability
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Semester term project (cost & managerial accounting)
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Purchasing Department - Roles and Process
- 2. Meaning •It refers to the activity of acquiring goods or services to accomplish the goals of an organization. It is the procurement of materials and other requirements from certain external agencies. •It includes activities like deciding what to buy, where to buy, when to buy, how
- 3. Definition •According to Westing, Fine and Zenz “Purchasing is a managerial activity that goes beyond the simple act of buying. It includes research and development for the proper selection of materials and sources, follow-up to ensure timely delivery; inspection to ensure both quantity and quality; to control traffic, receiving, storekeeping and accounting operations related to purchases.”
- 4. Objectives of purchasing department • To avail the materials, suppliers and equipment at the minimum possible costs • To ensure the continuous flow of production • To increase the asset turnover • To develop an alternative source of supply • To establish and maintain the good relations • To achieve maximum integration with other department • To train and develop the personnel • Efficient record keeping and management reporting
- 5. Steps in Material Purchasing Process
- 7. Thank You