identify the type which specifies the steps to be carried out in diffe

1.	identify the type which specifies the steps to be carried out in different business activities in a sequential order
Answer» Management in any company must understand the art of obtaining products and services. The procurement cycle follows specific steps for identifying a requirement or need of the company through the final step of the award of the product or contract. Responsible management of public and corporate funds is vital when handling this necessary process, whether in strong or weak economic markets. Following a proven step-by-step technique will help management successfully achieve its goals. 1. Need Recognition 2. Specific Need 3. Source Options 4. Price and Terms 5. Purchase Order 6. Delivery 7. Expediting 8. Receipt and Inspection of Purchases 9. Invoice Approval and Payment 10. Record Maintenance

identify the type which specifies the steps to be carried out in different business activities in a sequential order

Answer»

Management in any company must understand the art of obtaining products and services. The procurement cycle follows specific steps for identifying a requirement or need of the company through the final step of the award of the product or contract. Responsible management of public and corporate funds is vital when handling this necessary process, whether in strong or weak economic markets. Following a proven step-by-step technique will help management successfully achieve its goals.

1. Need Recognition

2. Specific Need

3. Source Options

4. Price and Terms

5. Purchase Order

6. Delivery

7. Expediting

8. Receipt and Inspection of Purchases

9. Invoice Approval and Payment

10. Record Maintenance

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