_____ is the task of buying goods of right quality, in the right quantities, at the right time and at the right price.
(A) Supplying
(B) Purchasing
(C) Scrutinizing
(D) None of the above
Answer (2)
The task described in the question is best defined as Purchasing, which involves buying goods at the right quality, quantity, time, and price. This process is essential for business efficiency and profitability. Therefore, the correct answer is (B) Purchasing.
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The task of buying goods of the right quality, in the right quantities, at the right time, and at the right price is known as Purchasing . Therefore, the correct answer is option (B) Purchasing.
Purchasing is a critical aspect of the business supply chain and involves several key activities:
Quality : Ensuring that the goods meet the required standards and specifications. The right quality is determined by the needs of the business and can affect the satisfaction of the end-user.
Quantity : Acquiring the exact number of goods needed to meet demand without overstocking. This requires analyzing data such as sales forecasts and inventory levels.
Timing : Goods must be purchased at the right time to ensure availability and to avoid storage issues. Timing also affects pricing and can influence cash flow and production schedules.
Price : Obtaining goods at a competitive price affects a company's profit margins. Purchasers must negotiate with suppliers to get the best deals while maintaining quality and delivery standards.
In summary, purchasing is a strategic task in business operations that seeks to balance cost, quality, and availability, ensuring a smooth functioning of the supply chain and meeting customer needs efficiently.
