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Assessment On The Importance Of Purchasing Procedures In An Organization
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HYPOTHESIS II
Ho: The impact of purchasing procedures does not affect the entire industry
Hi: The impact of purchasing procedures affects the entire industry
1.7 SCOPE OF THE STUDY
Purchasing
procedures is an important and vast area of study, moreso, it is
carried out by a lot of manufacturing firms in order to increase their
profitability. This being the case, this procedures on purchased
materials, products or service purchasing personnel, on suppliers on
commodities and on methods purchase that is purchasing procedure or
system.
Furthermore, this work will concentrate more on profit making
organization preciusely manufacturing industries with particular
reference to Peterson Zochonis Plc (Pz Industries Plc, Aba Abia State.)
1.8 LIMITATION OF THE STUDY
In
carrying out this procedures work, a lot of things interested me for
example, the joy of ending my first degree with writing of my project.
However, I was constrained with time because we were given a short
period to write and defend our project immediately after our exams. I
was therefore hurrying to meet up with the date given to use and there
was also no time to visit other libraries for vital information.
In
addition, there was also the problem of finance to move around in order
to visit the industry used as a case study. There was also problem of
insufficient procedures materials on the topic, these problems were
however adjusted to by the procedures er in order to ensure that this
procedures work is a success.
1.9 DEFINITION OF TERMS
It is also
important to define some unfamiliar terms to that other procedures ers
can find their meanings easily in case they want to make use of this
work.
PURCHASING
Is defined as planned buying. It is a function
in the organization that fulfills organizational needs through
acquisition of the right materials, supplies, plants, tools, machineries
and services that will enable the organization to attain its targeted
goals.
PROCEDURES
This is a sustained inquiry into problems and
seeking out ways to solve it. According to Anyanwu (2006) procedures is
the systematic and objective search for and analysis of data with a view
to generate information necessary for the solution to problems.
PURCHASING PROCEDURES ER
According
to Uzor (2003) purchasing procedures is defined as the systematic
collection, classification and analysis of data as the basis for better
purchasing decision. It is therefore a formalized means of obtaining
information to be used in making decision. It is concerned with
collecting and analyzing information concerning the supplies environment
as a basis for planning of strategies for the future.
SUPPLIERS
These are the people who supply materials, parts, goods or services to the buying organization.
ORGANIZATION
This
is a firm that may be either profit or non – profit oriented that
exists for the sake of producing goods and services at the profit or
rendering services
HYPOTHESIS
A statement of put position which can be investigated to either be true or false.
PROFITABILITY
This
is the end target of ever profit oriented firm increasing their capital
base in the form of additional revenue which can be ploughed back into
the business as retains earnings.
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