Professional Documents
Culture Documents
Purchasing Exercise
Course:
Catalog #:
Email:
INSTITUTIONAL MANAGEMENT
FNES 275
paulette.Johnson@qc.cuny.edu
th
Read on line article on Purchasing Practice at http://finance.tufts.edu/purchasing/1guidelines-on-purchasing-practices and answer the following questions:
1.
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4.
To acquire information about how long the company has been in business for.
To acquire information about whether or not the companys finances are
stable.
To acquire information about the companys current and primary
clients/customers and seek references.
What is an RFP?
- RFP is a Request for Proposal. The requester creates this document for the potential
suppliers. This document usually is used for long-term contracts and more intricate
projects. In addition to prices, the RFP also includes information about the purpose,
goals and objectives. The requester should clearly state what their time frame is for
their goals and the qualifications of the people who will be a part of the project. The
requester should also ask for the Request for Quotation (RFQ) and all the questions
and concerns contained within it.
5.
What is an RFQ?
- The RFQ is the Request for Quotation. This document is to help the requester
determine which supplier is the best and will meet all the requesters demands,
needs, and wants with the best prices. This document, which is given to all the
potential suppliers, contains questions that will help to determine the requesters best
supplier. The RFQ is usually used for standard items. The most important elements of
the RFQ are the price, delivery and inventory information. This document should help
the supplier submit a valid quote. The RFQ should contain detailed information about
the products, the products specifications, the quantity and quality requirements,
payment and warranty terms, and delivery and inventory demands.
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