Sourcing
The process of identifying and engaging suppliers
What is sourcing?
A legally binding agreement with a supplier
What is a contract?
Monitoring supplier performance and relationships
What is supplier management?
Creating and issuing purchase orders for goods/services.
What is purchasing?
Following procurement policies
What is compliance?
Evaluating suppliers before selection
What is supplier qualification?
Failure to meet contract obligations
What is a breach of contract?
Measure of supplier effectiveness
What is a KPI?
Document authorizing a purchase
What is a purchase order?
Unethical gift from a supplier
What is a conflict of interest?
Backup supplier strategy
What is supplier diversification?
Formal change to contract terms
What is an amendment?
Document requesting supplier pricing
What is an RFQ?
Review of purchasing activities
What is an audit?
Request generated by an internal user
What is a requisition?
Ensuring fair supplier competition
What is ethical procurement?
Reducing cycle time in purchasing
What is process optimization?