When you fill out Purchasing Decision Documentation, you will be asked a series of questions that must be answered regarding the type of purchase and process used for making your supplier selection.

Material procurement covers the entire process from need identification through receipt and payment for goods, including supplier management. Sourcing focuses on identifying, vetting, and establishing ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Unlike consumer buying habits, businesses usually have a more formal approach toward purchasing. Rather than make impulse purchases, businesses will compare prices, compare suppliers and compare the ...

The procurement process is composed of symbiotic moving parts. When components don’t communicate efficiently, breaks in the supply chain occur, causing costly errors, lost time and missed ...

Bid protests against a procurement process often center around claims of bias that result in flawed selection decisions. For example, the Government Accountability Office (GAO) put out a report in ...

Getting the right materials at the right time and price is incredibly important for any successful business. Material procurement affects everything from product quality to company profits. Smart ...