Supplier Selection and Certification. Supplier selection and certification is the process of identifying, evaluating, and selecting suppliers for an organization, and of ensuring that those suppliers meet certain standards or […]
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Procurement with Blockchain? Machine Learning? Virtual Reality? Yes… Learn how blockchain and machine learning are being used in the procurement process. Blockchain, machine learning and virtual reality will only become
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Negotiation – from Stanford Graduate School of Business. Margaret Neale is a professor of management at Stanford University and an expert in the field of negotiation. She has written extensively
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Supplier Management P&G. Procter & Gamble (P&G) is a multinational consumer goods company that uses a robust supplier management system to ensure that it is able to source the materials
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Outsourcing Advantages and Disadvantages. Outsourcing is the practice of hiring a third party to perform a business function or service instead of performing it in-house. Outsourcing can be an effective
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COST MANAGEMENT. Cost Management – analyzing the costs of purchased goods in order to develop strategies to lower costs while improving supplier relationships. The following table is from a paper
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Strategic Cost Management. Strategic cost management is the process of aligning an organization’s cost management activities with its overall business strategy. It involves identifying the costs that are necessary to
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Calculating EOQ – Economic Order Quantity. There are several methods for calculating Economic Order Quantity (EOQ), including the basic EOQ formula, the EOQ with backordering, and the EOQ with quantity
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