Background to this assessment
The field of procurement and supply chain management plays a pivotal role in the success of organizations across various industries. In today’s dynamic and competitive business environment, strategic procurement practices have become essential for optimizing supply chain efficiency, reducing costs, and gaining a competitive edge. Current inflation and economic downturn have a substantial impact on procurement strategies, leading to increased costs, supply chain disruptions, and the need for adjustments in sourcing approaches. Companies must actively address these challenges to maintain resilience during economic downturns and periods of inflation.
Table of Contents –
- Introduction (purpose and content of the report, brief description of the organisation and supply chain and procurement problems) 200 words
- Contracting and Negotiation 500 words
Critically analyse the implications of inflation on the chosen organisation’s approach to procurement contracts. To do this, apply the principles of procurement contracting and how they can achieve improved procurement outcomes for the organisation and its stakeholders.
- Procurement Management Issues 500 words
Critically analyse the implications of procurement management challenges on the selected organization’s response to inflation. To do this, apply procurement management principles, to explore how they can lead to enhanced procurement results for the organization.
- Supplier Selection 500 words
Critically analyse how inflation affects the supplier selection and supplier relationship management principles on the chosen organisation’s procurement strategies. To do this, apply the principles of supplier selection and supplier relationship management and explore how they can lead to enhanced procurement results for the chosen organization and its stakeholders under inflation.
- Profit and Cost Issues with Information Asymmetry 500 words
Critically analyse the implications of the information asymmetry problem and its impact on the chosen organisation’s procurement response to inflation, particularly in terms of profit and cost. To do this, apply the principles of information asymmetry and explore how the selected organization can address these issues during inflation to achieve improved procurement outcomes.
- Conclusions 250 words
Summarise and integrate the key points and responses from the Discussion 2.1, 2.2 and 2.3 and 2.4. Provide an overall conclusion for the report, addressing the integrated responses for the organization to inflation. Explain how the selected responses will contribute to enhancing the organization’s procurement strategy and its capability to meet customer demand.
- Recommendations Up to 200 wordsRecommend at least two appropriate actions that are needed to respond to inflation consequences that will also improve the ability of the organisation to meet customer demand. Base recommended actions on an integration of responses from the Conclusion, using the following format:The procurement managers of …………. should……….to improve…
- Reference List (APA 7th edition format)