International Purchase For a growing economy like India’s, achieving selfsufficiency should be the goal but not at the cost of imports. Importing is an essential economic function which cannot be completely eliminated. Ricardo’s principle...
Public Buying The centralised buying concept has rightly gained credence because it helps to keep wasteful competition and duplicative efforts to a minimum. The Directorate General of Supplies and Disposals constitute the central purchasing...
Legal Aspects in Buying The materials manager commits a good deal of corporate finance when he places purchase orders It is imperative that he understands the legal aspects that are relevant to his profession....
Determining the optimal Buying Strategy In building up this optimal buying strategy (as also in case of conservative and hindsight buying) the following assumptions are implicit 1. Time has been divided into successive periods;...
Methods of Purchasing It is an essential prerequisite of large-scale produetion that continuity of supplies should be maintained. It is as important as the cost of production, Running out of raw materials means danger...
Price Forecasting Forecasting is essential for sound functioning as well as the survival of any firm. Through forecast of demand, we evaluate the factors in the environment which influence the operations of the firm...
Importance of Purchasing Purchasing is a fundamental function in an industrial establishment. An industrial enterprise is primarily meant for converting raw materials into finished products. Thewheels of industry will not move unless materials of...
Purchasing Functions or Activities The purchasing department in a big industrial concern has to perform the following functions in order to procure at right time, in the right quantity and at the right price:...
Objectives of Purchasing The major objectives of scientific purchasing may be stated as follows: 1. Procurement of required quality and quantity of materials at the best price, not necessarily the lowest price. 2.Procurement of...
Creative Purchasing Meaning and Definitions of Purchasing Purchasing is an every-day function of almost everyone and occupies much of the time both of business houses and ultimate consumers. There are three basic types of...