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How To eSign PPT for Procurement

hi everyone in this video we are going to discuss about the fire Ides of procurement the five rights of procurement what does a procurement function do in an organization what are their main objectives what role do they play well let us try to find out in simple terms procurement is acquiring goods or services required by various internal departments but it is really much more than merely obtaining goods in response to the internal needs procurement deals with some major matters identifying requirements selecting suppliers negotiating contracts ordering and tracking maintaining fruitful long-term relationship with supply chain partners risk management cost control or cost reduction the primary objective of procurement function can be defined as obtaining the right quality inputs in the right quantity to the right place at the right time for the right price this gives way to the concept of fire rights of procurement these fire rights can be seen as the basic objective of procurement function they can be used as a criteria for measuring procurement efficiency they are often termed key purchasing variables or purchasing factors these are the fire rights of procurement quality quantity time price place we can find some interrelationship and some pride of between these fie rights sometimes you cannot get one right without getting other and sometimes you cannot get both right at the same time let us see some example let us say you did not get right quality that means some item will be rejected that means you are not getting the right quantity error there will be delays so you are not getting at right time you might incur additional cost so you are not getting at right price so here we cannot get right quantity or right price or right time without getting right quality failure on one right is affecting on other rights let us see another example we know sometimes quality Goods take long time to be produced if you do not get goods at right time then the high quality is relevant so some adjustment on quality may be needed for urgent requirement so here we are not able to get both right quality and right time together another point is we know that high quality or cube delivery cost hi this means there can be a trade-off between price and time or price and quality we can add a few more rights considering the vast number of functions procurement Department handled these days like right source or right supplier right relationship right requirement or need right procurement process etcetera but here let us concentrate on the five rights let us see the five rights in detail the right price first let us see what is price price is what a supplier charges for goods or services he offer or we can say the monetary value of a product or service is price what is the right price for a procuring firm we know that the procuring firm will be trying...