4/9/23

Question 1

what does procurement mean?

what is e.g of procurement?

Answer 1

finding and buying things a business needs from suppliers outside the business

e.g clothes manufacture this means findings and buying material it needs

Question 2

what does logistic mean?

what is e.g of logisitics

Answer 2

getting goods and service from one part of supply chain to another

e.g clothing manufacture would need to have the materials transported.

Question 3

what are 2 benefits of having good procurement and logitiscs

Answer 3

1. business will improve its efficiency as business will have it supplies it needs at the right time
2. reduce costs of a business as business wont waste money. this will reduce unit costs and business can make more profit and reduce the prices.

Question 4

what are 3 benefits of managing supply chain effectively?

Answer 4

1. good relationship with supplier- working closely with suppliers make sure processes are being carried in way most efficient and cost effective.
2. finding the best value and price - businesses can find suppliers that will give them best price and value
3. reduces waste and unnecessary costs- can help make a business more streamlined and have faster production times.