Procurement and Payment Management
Procurement & Payment Management: Procurement & Payment are the Supply Chain Management functions. Procurement plays a very important role supply chain management. Procurement savings is a substantial area that managers usually focus on. Is a buyer today still just an order maker? No, procurement today is a highly technical, scientific field and not an area for the feint-hearted. Procurement can be defined as:”Procurement is the acquisition of goods and/or services at the best possible total cost of ownership, in the right quantity and quality, at the right time, in the right place and from the right source for the direct …
Curriculum
Overview
Procurement & Payment Management:
Procurement & Payment are the Supply Chain Management functions.
Procurement plays a very important role supply chain management. Procurement savings is a substantial area that managers usually focus on. Is a buyer today still just an order maker? No, procurement today is a highly technical, scientific field and not an area for the feint-hearted. Procurement can be defined as:”Procurement is the acquisition of goods and/or services at the best possible total cost of ownership, in the right quantity and quality, at the right time, in the right place and from the right source for the direct benefit or use of corporations, or individuals, generally via a contract.
Payment management is also another Supply chain Management Functions. While giving payment, you have to bear some cost. Giving payment is some painful to buyer and receiving payment has pleasure. Payment is only supply chain functions, it can move as per contract.
There are some conditions under which a seller will make a sale. Typically, these terms are payment terms. These terms specify the period allowed to a buyer to pay off the amount due, and may demand
-Cash in advance,
-Cash on delivery,
-Deferred payment period of 30 days /90 DAYS/180 DAYS/360 DEFFERED or more, etc.
-L/C payment (Sight L/C or Deferred L/C 30 days /90 DAYS/180 DAYS/360 etc )
etc.
In International business L/C payment is safe for both buyers and sellers.
Notes:
- After completing each lesson, you have to click on the “COMPLETE” button then go to the next lesson.
- Must fill up your first name and last name then set a display name for your certificate.
- You have to complete all quizzes with a minimum of 70% correct answer & within available Re-take.
- Complete every lesson of this course serially.
- Don’t click on the “FINISH COURSE” button.
- If you click on the “FINISH COURSE” button then the course will be finished, you will unable to complete the next lessons or remaining parts of this course and a Certificate will be generated.
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Context of Procurement
Overview: The procurement function is an ever-evolving discipline form in the past decade. First Procurement incepted as purchasing which was a PASSIVE role...