Procurement Law is a system of rules, principles, procedures, and regulations that are enforced through social institutions to regulate procurement and supply. Various laws form the legal framework of procurement and supply chain operations” Make a clear justification of the narrative discussing the various laws that inform procurement activities.
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“Procurement Law is a system of rules, principles, procedures, and regulations that are enforced through social institutions to regulate procurement and supply. Various laws form the legal framework of procurement and supply chain operations” Make a clear justification of the narrative discussing the various laws that inform procurement activities.
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- Discuss the advantages of e-procurement to both buyers and sellers. What are the disadvantages?Procurement is defined as the process of establishing terms and conditions for acquiring goods and services from external sources. Procurement cost is a Key Performance Indicator (KPI) that is vital to supply chain management. This provides a clear way to measure the performance of the entire procurement process, and since it is a KPI based on cost metrics, it directly impacts the bottom line.Procurement savings serve the purpose of driving down the cost of goods (including the handling and delivery of those items) as well as improving terms in the supplier relationship. Reducing procurement costs can be a simple and instant way to increase profit margins without sacrificing the quality of products offered to consumers.There are a variety of techniques businesses can implement to drive down these purchasing expenses, but first, it is vital to understand the different types and components of procurement costs and identify why these expenses occur. Hence, if e-procurement is seen…Procurement is defined as the process of establishing terms and conditions for acquiring goods and services from external sources. Procurement cost is a Key Performance Indicator (KPI) that is vital to supply chain management. This provides a clear way to measure the performance of the entire procurement process, and since it is a KPI based on cost metrics, it directly impacts the bottom line.Procurement savings serve the purpose of driving down the cost of goods (including the handling and delivery of those items) as well as improving terms in the supplier relationship. Reducing procurement costs can be a simple and instant way to increase profit margins without sacrificing the quality of products offered to consumers.There are a variety of techniques businesses can implement to drive down these purchasing expenses, but first, it is vital to understand the different types and components of procurement costs and identify why these expenses occur. Hence, if e-procurement is seen…
- Describe the different types of e-commerce business models available for procurement and point out their respective benefits and disadvantages.Explain the Plan Procurement Management process, including its inputs, processes, and outputs.What are the essential features and functionalities to consider when selecting an e-procurement solution for an organization?
- Use any company as an example and discuss the importance of Procurement Management, considering the activities of procurement and the relationship of the procurement function with other department in that specific company.Discuss the application of industry 4.0 in procurement management processesWhat is Value for Money (VfM) in the context of procurement? Discuss five (5) of the key steps you will take to ensure the achievement of VfM for procurement in your organization.