Chapter 1: Added value

Question 1

What are the elements within procurement

Answer 1

Added value
Cost
Inventory
Logistics
Purchasing
Quality
Supply
Waste management

Question 2

Cost isn’t always monetary. What other elements make up costs?

Answer 2

Time
Material
Effort
Opportunity

Question 3

Explain fixed costs, variable costs, tangible and intangible costs

Answer 3

Fixed.dont change with output of the organisation where as variables do

Tangible Costs relate directly to a contract or job. Intangible= overhead