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| Name | No.84 ~ Procedure of Purchase Management or Purchasing Cycle |
| Video Uploader | Video From Student Notes |
| Upload Date | This Video Uploaded At 08-02-2022 14:45:01 |
| Video Discription | 📕 Production and Operation Management Book Series 📕 https://youtube.com/playlist?list=PLPf7aahSRKFVuCziM_YMAoYYnlLeX5j8F ============================== 📕 Advertising Management Book series 📕 https://youtube.com/playlist?list=PLPf7aahSRKFW2ZI1SvmX_Ut864THj-Uiu ============================== ✅ How to Purchase Production and Operation Management Book PDF ✅ https://youtu.be/eywQyLuTHNQ ============================== Procedure of Purchase Management 00:00 Starting 00:44 Purchase requisitions 03:40 Source of the supplier 05:06 Request of quotation 06:51 Review of quotations 07:41 Selection of Vendor or supplier 08:34 Purchase order 09:14 Follow up 09:49 Purchase order Amendments 10:50 Inspection of incoming materials 11:33 Payment of the invoice 1.) Purchase requisitions Purchasing cycle commences with the receipt of the purchase requisition in the purchasing department. It provides authority to the purchasing department to procure material. 2.) Source of the supplier Now, the purchasing department looks for a potential source of supplier. They maintain a list of suppliers that are prepared on the basis of past transactions, advertisements in the newspaper, trade journals, purchase and salesman agents, etc. 3.) Request of quotation The purchase department issues letters to suppliers requesting them to send quotations. This letter contains information about the material required, quantities, quality specifications, delivery schedule, etc. 4.) Review of quotations After receiving the quotation from the supplier, it is reviewed and signed by the responsible officer. A comparative statement of the quotation from the different suppliers is prepared that indicates the price, discount price, payment, or other terms and conditions. 5.) Selection of Vendor or supplier Purchasing department or officer selects the vendor who will supply material with favorable terms and conditions. 6.) Purchase order A purchase order is an offer to the supplier to deliver the material. When the supplier accepts the offer, it becomes a legal contract to deliver the goods according to the terms and conditions specified in the agreement. 7.) Follow up Purchasing work does not end by placing the order. Purchasing Management needs to take follow up to ensure that deliveries are receiving as per the set schedules. 8.) Purchase order Amendments The amendments in the order mean to add or remove any items before the delivery take place. However, management needs to keep in mind that this amendment does not disturb the previous order. 9.) Inspection of incoming materials On receiving the materials from the suppliers, the next task is to inspect them. The purchasing department should verify that the material matches the specifications or not. 10.) Payment of the invoice It is the last step of the purchasing cycle. When the supplier’s invoice is received, the purchasing managers need to verify all the items with the original purchase order. student notes channel purchasing cycle ppt purchasing cycle notes purchasing cycle pdf purchasing cycle in Hindi purchasing cycle lecture purchasing cycle explain Procedure of Purchase Management ppt Procedure of Purchase Management notes process of purchasing purchase order process purchase to pay process procurement process flow purchase to pay purchase order flow purchase order management purchase order System purchase order management software purchase order workflow procurement to pay cycle purchasing workflow purchase order approval workflow purchasing cycle steps po approval workflow purchasing cycle process purchasing cycle explained PYVE5YjhBnA |
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