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MIS Exam 2 Chapter 3

M&W Chapter 3

QuestionAnswer
What is the Procurement Process? A series of steps that a company takes to obtain or acquire necessary materials
What is B2C Commerce? Customer has no legal obligation to buy from store and store has no legal or financial obligation to sell to consumer or advise them if product is not available
What is B2B Commerce? If supplier cannot provide materials, the buyer may not be able to find materials from another supplier. Supplier must be certain that buyer can pay for products
What are the Key Documents of the Procurement Process? Purchase Requisition, Purchase Order, Packing List, Goods Receipt Document, Vendor Invoice
Created by: joebouhadana