Question :

(a) List four solicitation methods.

(b) Explain the reasons for requesting bid security and performance security from a potential supplier.

(c) Compare and contrast the two major types of specifications generally used for procurement of goods and services.

(d) Distinguish between supplier appraisal and vendor rating.

(e) Explain briefly the five elements of the ‘Purchasing Mix'.

(f) Explain the following terms and their relevance to purchasing:

(i) Economic Order Quantity (EOQ)

(ii) Purchasing Card

(iii) Supply Chain Management (SCM)

(iv) Electronic Data Exchange (EDI).