ISCM ch.3

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Last updated 9:45 PM on 4/8/26
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5 Terms

1
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What is sourcing?

 Buying goods/services from suppliers

2
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Steps in purchasing:

  1. Identify need

  2. Select supplier

  3. Negotiate

  4. Order

  5. Evaluate supplier

3
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Strategic sourcing

Focus on:

  • Cost

  • Quality

  • Reliability

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Tools:

  • Supplier evaluation

  • Total Cost of Ownership (TCO)

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Key idea of sourcing:

 Cheapest ≠ best
👉 Look at TOTAL cost