Part 1
Course reading
A buyer creates value beyond obtaining the lowest unit price. Explain total cost: freight, duty, quality failures, lead time, minimum order quantity, payment terms and supply risk. Walk through a purchase from approved requisition to sourcing, quotation comparison, negotiation, purchase order, acknowledgement, expediting, receipt and invoice resolution.
Prepare a negotiation example. State your baseline, the alternatives you considered, the trade-off you offered and the result. A good answer might exchange a realistic forecast or consolidated order for a shorter lead time, rather than simply demanding a discount. Always mention ethical dealing, approval limits and conflict-of-interest controls.
Know why three-way match compares purchase order, goods receipt and invoice. Be ready to explain a price or quantity mismatch, a late supplier and a return to vendor. Use real figures only when you are permitted to share them; otherwise use a clearly labelled practice example.