Essay - The 'Five Rights' the Five Rights Introduction: in Its Simplest...

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The "Five Rights"

The Five Rights


In its simplest form, purchasing constitutes an activity faced by individuals in their private lives; however the purchasing of goods and services for organizations comprises a pr*****essional activity. Professional purchasing entails to get the best out of the market place ***** in order to accomplish this use of certain set of competencies are needed. Every act ***** purchasing is the result of a contr*****ct between the buyer and seller; however the purchasing process must initiate prior to the decision of the source and last after the contract is created. Evidently, the degree of ***** need will decide the intensity and complexity of purchasing process. Purchasing is a conscious process which must look in***** the v*****lue ***** money aspect with the right personal accountability for decisions. Dearth of sufficient time and improper preparation comprise pr*****cipal problems of effective *****. It has to be ensured that proper understanding of the timescales are available for carrying out the necessary exercise and ***** amount of preparation which will be required. (Good Purchasing Practice) simple means to understand the purchasing ***** is the achievement of the '5 *****'. These are "Right Product, Right Time, Right Place, Right Price & Right Quality." (Good Purchasing Practice) It is important that the size, scope and particular specification of the needs ***** known prior to initiating any specific purchasing process. As regards choosing ***** ***** Product the various points to be adhered to are (i) consulting with the *****r (ii) identification of ***** actual performance needs (iii) taking a dec*****ion regarding a precise ********** brief description ***** the needs. At the same time caution should be taken to avoid the following points (i) one ***** not be vague - if something is beyond the scope of the knowledge, it has to be found out (ii) it should not be made more complicated than necessary (iii) brand names must not be used with***** a fair reason.

***** ***** the Right Price it is important to (i) ***** ***** market through wide research (ii) possess ***** about the general ***** price. (iii) Value ***** competition should not be ignored (iv) willingness ***** negotiate (ii) possess knowledge regarding ***** extent of spending (*****) possess aw*****ness about the economies of scale. Concurrently, it ***** important to exercise ***** ***** (i) it is not to ***** assumed that big ***** always beaut*****ul (ii) possible suppliers ***** not be misled regarding ***** amount ***** be spent. Regarding the Right ***** it is important to (i) to be conscious regarding the need of things (*****) have ***** about timescales and lead times. It should be kept in mind ***** to (iii) spare too scanty time to fin*****h a proper exercise (*****) impose unnecessary time scales. (Good Purc*****ing Practice)

Regarding the Right Place it is important to (i) f*****nd out exactly where the goods, services or w*****ks are needed (ii) ensuring that the site is accessible in case of online purchases. (iii) Presume ***** the supplier has knowledge regarding the


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