Purchase Management, Material Management #Top 20 Definition of Purchase management, Importance of Purchase Management.
Compile by Mohan Regmi@2022 Introduction to Purchase Management Purchase Management is a basic function of materials management in a company. Their basic function is procuring the inputs for production function. This function encloses suppliers in the external market to the organization and several internal to the organization. Till recent time, the purchasing process simply involved placing an order with the supplier who offered the lowest price. Nowadays, increase in competition and market demand and scarcity of resources have forced organizations to re-examine manage their purchasing activities vary carefully and significantly. The purchasing functions have been expanded considerably and include activities such as verifying the credentials of suppliers, inspecting the quality of the material to be purchased, ensuring the timely delivery of the material, etc. more of that it is vital to know what purchase management actually means and its importance in an organiz...