PRINCIPLES OF PURCHASING

LAGOS CITY POLYTECHNIC

PRINCIPLES OF PURCHASING

NDI

BAM 117

 

HISTORY OF PURCHASING

There are only wo fundamental inputs in which management, be it in private or public sector of an economy, is primarily interested:(ii) Men and (i) material management is equally interested in other resources. However, from management point of view, materials management offers greater promise as a cost reducing device. The reason(s) are not far-fetched. The basic goal of a business activity the development and manufacturing of products that can be marketed at a profit. This goal is accomplished by the appropriate blending of what management authorities historically have called the five M’s: Machines, Manpower, Materials, Money, and Management. Materials today are the lifeblood in the industry. Materials of the appropriate quality must be available at the right time, in the right quality, at the needed location and an acceptable total cost. Failure to fulfill any of these responsibilities concerning materials to company costs and decreases company profit just as would do outmoded production methods, inefficient personnel, and ineffective marketing activities.

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