Responsibilities of a purchasing manager

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Question description

Purchasing

From the end of Chapter 3, answer Critical Thinking Questions #1-6. Make sure to answer the questions completely and thoroughly.

a. What ethical standards should a purchasing manager—or any employee—maintain?
b. Why is controlling purchasing expenses far more critical than increasing sales an equal amount?
c. Saving $2,000 on purchases in an operation that averages a 4 percent profit margin is equivalent to increasing sales by how much?
d. What are the four elements of a binding contract, and what do they mean?
e. What is the goal of the purchasing department?
f. Why is controlling the cost of purchases so important to the bottom line?
g. What factors are most important in writing purchase specifications?

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