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Assessment On The Importance Of Purchasing Procedures In An Organization
CHAPTER ONE -- [Total Page(s) 3]
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1.3 OBJECTIVES OF THE STUDY
As earlier stated, purchasing by its
nature is a basic and integral part of business management. In addition,
the basic goal of any business organization is to produce goods and
services which can be marketed at a profit. However, this goal is
achieved by blending appropriately the five M’s of management viz
machine, manpower, materials, money and management of all the five,
materials have seen as the life blood of industries and as such need not
be treated carelessly.
Purchasing procedures is therefore
undertaking to solve problems such as sudden shortages or an
unacceptable price increase, or in response to other exceptioned
situation such as a change in the law governing such as a change in the
rate of exchange.
From the foregoing the objective of the study are: -
1. To ascertain the important areas of purchasing procedures
2. To investigate into important areas of purchasing procedures
3. To examine the reasons for purchasing procedures
4. To x – ray the relationship between purchasing procedures in an organization
5. To find out the relationship between purchasing, purchasing procedures and company’s profitability.
1.4 THE SIGNIFICANCE OF THE STUDY
This
study or procedures work is very important to a number of persons. To
me as the procedures er carrying out this procedures is an adventure. In
the course of the writing, it is a way of developing my talent and
creative gift of writing as a student. Again, it is a requirement for
the award of the Higher National Diploma (HND) in Purchasing and Supply
chain management.
In addition, this study will serve as a data bank
for reference point for other procedures er. Furthermore, the department
of purchasing in every industry will appreciate the content of this
procedures work as it assist. There is their constant procedures for
materials, products or seminars, purchasing personnel, suppliers on
commodities on purchasing procedures.
In addition, this procedures
will profit a number of students in the purchasing and other department
of any higher institution by providing the necessary information for
writing on similar or related topic. It will therefore provide a yards
tick topic or standard for such student when they shall make reference
to this materials.
1.5 PROCEDURES QUESTION
1. Does the organization attach importance to purchasing procedures ?
2. If purchasing is given a top management, approval is purchasing procedures of important concern to management?
3. How has purchasing procedures contributed to be company’s overall profitability?
4. What are the greas that purchasing procedures is carried out in your industry?
5. What impact have purchasing procedures been playing in your industry?
1.6 HYPOTHESIS FORMULATION
The following hypothesis have been put forward in order to carry out to validate the essence of this procedures work.
HYPOTHESIS I
Ho: Purchasing procedures does not contribute to the company’s profitability
Hi: Purchasing procedures contribute to the company’s profitability
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