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Which among the following are the tools for reducing acquisition costs in purchasing? 1. Procurement card 2. Automated Storage & Retrieval System 3. Porter's value chain 4. P2P system
Correct Answer: D
There are several methods to reduce the acquisition costs in procurement. L4M7 study guide lists the following methods: - Buyer discretionary spend - 'User buying' - Vendor managed inventory (VMI) - Two-bin Kanban - Product catalogue - e-Procurement techniques, including some systems such as ERP, procure-to-pay (P2P), e-requisition, e-tendering, etc. - Procurement cards Reference: LO 3, AC 3.1
