Question

Which term refers to all of the activities involved in buying or acquiring the materials used by the organization, such as raw materials needed to make products?

a.Material Planning
b.Procurement Process
c.Production Process
d.Fulfillment Process
e.Lifecycle Data Management

Answer 1

Answer:

B. Procurement planning

Explanation:

A procurement planing  helps you define, determine and plan the quantity of products and services (especially raw materials ) that the business will obtain from external suppliers.

It helps to coordinate the activities involves in buying the materials that the organisation will use in manufacturing a new product. A procurement plan helps to identify the needs and requirement and also helps to determine the time frame for their purchase so as to meet the needs at the appropriate time

Answer 2

In business, there are various steps taken in purchasing of goods. The term refers to all of the activities involved in buying or acquiring the materials used by the organization, such as raw materials needed to make products is called Procurement Process.

The procurement process is simply known too be all the activities such as the preparation and processing of a demand, end receipt and approval of payment.

It is simply known as the purchase planning, standards, specifications determination, supplier research, selection, financing, price negotiation, and inventory control.

The steps in the procurement process includes:

• The identification of a Need
• Selecting of Vendor  
• Submiting of purchase requisition.
• Generate purchase order etc.

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