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Ques:- Procurement Activities
Right Answer:
Procurement activities involve the processes of sourcing, purchasing, and acquiring goods and services needed by an organization. This includes identifying suppliers, negotiating contracts, placing orders, and managing supplier relationships to ensure timely delivery and quality of products.
Ques:- What would be your sourcing strategy to buy low value items?
Right Answer:
My sourcing strategy for low-value items would involve consolidating purchases to achieve bulk discounts, using a competitive bidding process to select suppliers, establishing long-term relationships with reliable vendors, and leveraging e-procurement tools to streamline the purchasing process and reduce administrative costs.
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