Purchasing and Supply Chain Management
6th Edition
ISBN: 9781285869681
Author: Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
thumb_up100%
Chapter 1, Problem 1DQ
Summary Introduction
To determine: Why top managers are recognizing the importance of purchasing and supply management.
Introduction: Supply management is the process of managing the suppliers and raw materials or resources that are essential for the organization’s operations.
Expert Solution & Answer
Explanation of Solution
Top managers are recognizing the importance of purchasing and supply management due to the following reasons:
- Purchasing and supply management would increase the value and savings.
- It reduces the time incurred to reach the market.
- It would improve the reputation of the firm and the quality of the product.
- Purchasing and supply management helps to build relationships outside the firm.
- It helps to improve its competitive advantage.
- Purchasing and supply management would generate an impact on the economic status of the firm.
- It drives innovation.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Why are many executive managers beginning to regard purchasing as increasingly important?
What is the purchasing and supply strategy?
What can be the performance indices for a purchasing department of an organization? How can a purchasing manager monitor them? What are the advantages of defining such performance indices? Include examples for each part of this question
Chapter 1 Solutions
Purchasing and Supply Chain Management
Knowledge Booster
Similar questions
- please assist with the following Purchasing and supply management is an integrated part of an organisation. Select a any corporate business/ organisation . Discuss below elements or tasks of management involved in their business management with an example for each element or task 1. planing 2.Control 3. Organisational structurearrow_forwardTo Whom Does Purchasing/Supply Management Report? Do you feel that choosing an organizational design is simple? If so, explain why firms would change their supply management organization structure.arrow_forwardWhat Is Balanced Scorecard for Purchasing and Supply?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,Operations ManagementOperations ManagementISBN:9781259667473Author:William J StevensonPublisher:McGraw-Hill EducationOperations and Supply Chain Management (Mcgraw-hi...Operations ManagementISBN:9781259666100Author:F. Robert Jacobs, Richard B ChasePublisher:McGraw-Hill Education
- Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage LearningProduction and Operations Analysis, Seventh Editi...Operations ManagementISBN:9781478623069Author:Steven Nahmias, Tava Lennon OlsenPublisher:Waveland Press, Inc.
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.