procurement at FOM Hochschule für Oekonomie & Management

Flashcards and summaries for procurement at the FOM Hochschule für Oekonomie & Management

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Study with flashcards and summaries for the course procurement at the FOM Hochschule für Oekonomie & Management

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What are the benefits of international and local sourcing 

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is the primary benefit from pull scheduling 

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is procurement?
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Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

Name the stages of procurement process 

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

Compare centralized with decentralized procurement 

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is Dual Sourcing?

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

How do the issues affect a business (abc xyz analysis)

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Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

Name disadvantages and advantages of centralized procurement 

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What is pestle 

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

What are the five forces of porter 

Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

Explain the xyz analysis 
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Explain the abc analysis

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Exemplary flashcards for procurement at the FOM Hochschule für Oekonomie & Management on StudySmarter:

procurement

What are the benefits of international and local sourcing 
Local
  • Flexibility to deliver faster
  • Shorter delivery times 
  • Lower transport cost
  • Support local community 
  • Makes just in time possible
  • Better for environment and less transport problems 
International 
  • Lower price
  • Availability to specialist regions 
  • Availability of products not available locally 

procurement

What is the primary benefit from pull scheduling 
Avoid excess inventory and the costs associated with holding inventory 

procurement

What is procurement?
  • Buying goods and services 
  • Relating to the business needs 
  • Manage suppliers 
  • Develop purchasing strategies 

procurement

Name the stages of procurement process 
Needs Recognition 
  • realising a product or service is needed
Purchase Requisition
  •  a request is sent to the purchasing departmen
Review of Request 
  • the procurement team reviews the request and approves or rejects it
Budget Approval 
  • the purchase order is reviewed by the accounting department 
Receive Goods 
  • the goods are delivered and the purchaser checks the order
Three Way Matching  
  • purchase orders, packaging slips and suppliers invoices are checked
Invoice Approval Payment 
  • if all is ok, the invoice is approved and the payment is processed
Record Keeping
  • a record is made for bookkeeping and auditing

procurement

Compare centralized with decentralized procurement 
Centralized 
  • One procurement department
  • In Company headquarters 
  • Works on many projects
Decentralized 
  • Spread over a number of locations 

procurement

What is Dual Sourcing?

Using more than one supplier for a component, raw material, product or service

procurement

How do the issues affect a business (abc xyz analysis)

Running out of stock 
  • Causes production disruption 
Having too much stock
  • More storage space cost 
Regularly ordering small amount of inputs 
  • Transportation cost are higher for frequent small deliveries 

procurement

Name disadvantages and advantages of centralized procurement 
Advantage 
  • Less duplication
  • Specialized staff
  • Standardised behavior 
  • Frees up department heads
  • Large volumes = stronger supplier relation 
Disadvantage 
  • Slower decision 
  • Longer to receive goods 
  • Slower to exchange defective goods
  • Can’t use local suppliers
  • Lack of department knowledge 

procurement

What is pestle 
It helps to review the environment a company operates in 

political 
  • Policy(tax), infrastructure, corruption, education
Economic 
  • Consumer income, /-rate 
Social
  • Cultural trends, distribution (age), attitude (lifestyle)
Technological
  • Level of innovation, technological change 
Legal
  • Safety standard, laws (copyright)
Environmental 
  • Climate, geographical 

procurement

What are the five forces of porter 
Helps companies to see what they need to do for example to leave to market or adapt their business model 

competitive rivarly
  • How competitive is the market 
Supplier power
  • Are there supplier
Substitute 
  • Can customer buy a substitute for your product elsewhere 
Threat of new entrants 
  • How easy for new business to enter the market 
Buyer power 
  • Can customer easily move to the competition 

procurement

Explain the xyz analysis 
Is it easy to forecast when we will need an item (variability of demand)

x item
  • Easier to forecast 
  • Steady use over time
Y item 
  • Harder to forecast
  • Demand not steady but can be predicted (z.b. seasonality)
Z item
  • Most difficult to forecast 
  • Demand fluctuates strongly, there is no trend 

procurement

Explain the abc analysis
Items are ranked for total value 
  • Total value = quantity * unit cost
A item
  • Most total value
B item
  • Middle total value
C item
  • Least total value

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