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Procurement Exam Notes
25 Pages • Complete Study Notes • Year: Pre-2018
Attained a High Distinction with this set of notes. Chapter 1: Introduction to Procurement What is procurement: To buy materials of the right quality, in the right quantity, from the right source delivered to the right place at the right time at the right price. 7 R’s: Material, Quantity, Time, Place, Source, Service and Price. Why is procurement important? : Cost reduction, improved material delivery, shorter cycle time, access to product and process technology and quality improvement.
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