Discuss Principles of Purchasing or 6 Laws of Purchasing.
Principles of Purchasing/ 6 Laws of Purchasing: 6 R’s of purchasing i) Right quality: The ability to “accomplish or be capable of doing a certain thing” is the definition of quality. -in other words, quality refers to a thing’s usefulness in achieving a particular goal. -Quality can be specified in different meanings, i.e., dimension, power, … Read more
Definition of Purchasing.
A “Business activity directed to securing the materials, supplies, and equipment required in the operation of an organization” is how purchasing is defined. Lewis defines purchasing as any primary materials, supplies, equipment, and so on that the maker obtains through any method. This procurement includes extraction from owned mines or forests, cultivation of owned agricultural … Read more
Write something on Selective Control of Inventory.
Selective Control of Inventory: Selective control refers to the variation in the method of control from item to item on some selective basis. For this, a variety of criteria are applied. They are: Selective control is more effective and is directed to more significant groups of items. In this system, the items are categorized into … Read more
Write the Reasons for Keeping Inventories.
Reasons for Keeping Inventories:
What are the types of Inventories?
Types of Inventories: In general, a manufacturing company has the following sorts of stocks on hand: Additionally, there are four other categories into which inventories can be divided: (i) fluctuation inventories, (ii) anticipation inventories, (iii) lot size inventories, and (iv) transportation inventories.