as a student, what is purchasing manahement to you? how is your purchasing behavior as student?

Purchasing Management Purchase management is a business discipline that enables companies to manage the activities and relationships that make up the purchasing functions necessary to do business. At its core purchase management is all about saving money, increasing profits and it is an important function for any wholesale, distribution or manufacturing business. Efficient purchase management provides a prime opportunity for wholesalers to clear bigger profits by controlling costs of the inventory stock needed to run their business. To deliver the greatest profitability for an organization it is crucial that products and services are purchased at the best price and quality available. To ensure the most cost-effective outcomes, purchasing strategies are necessary and should be developed In line with a basic purchasing cycle to best manage all the necessary functions from one centralized location. THINK! As a student, what is purchasing management to you? How is your purchasing behavior? Why purchase management matters? Purchase management impacts cash flow, Inventory stock costs, contractual issues and product availability. Therefore, It is crucial for businesses to have a good process for procuring their inventory stock. The most basic principle of purchase management is that goods and services must always be purchased and delivered at the best possible price to help maximize profits. Excess Inventory stock costs money to hold and it represents an opportunity cost when the money could have been better spent elsewhere. Purchase management matters because the process of acquiring the