What three things you learned from that weeks readings? 2. One news article about supply chain w/hyperlink. PURCHASING MANAGEMEN

BOOK:   Principles of Supply Chain Management: A Balanced Approach, 3rd Edition Joel D. Wisner, Keah-Choon Tan, G. Keong Leong

Written summary of your activities in a Word document of a minimum of 250 words.

ii. Use APA format (https://owl.purdue.edu/owl) 12-point Times New

Roman font, double-spaced.

iii. For the summary content, answer and provide the following:

1. What three things you learned from that week’s readings?

2. One news article about supply chain w/hyperlink.

PURCHASING MANAGEMENT

The primary function of the Purchasing Department is to assist our university with theidentification, selection and acquisition of required materials and services. Purchasingstrives to accomplish this as economically as possible, within acceptable standards ofquality and service, while utilizing professional ethics and best business practicesthroughout the process.1Total cost of ownership can be determined for a wide variety of corporate initiatives,but when it comes to sustainability—and, especially, social responsibility—hardnumbers aren’t always clear.2Learning ObjectivesAfter completing this chapter, you should be able to•Understand the role of supply management and its strategic impact on anorganization’s competitive advantage.•Have a basic knowledge of the traditional purchasing process, e-procurement,public procurement and green purchasing.•Understand and know how to handle small value purchase orders.•Understand sourcing decisions and the factors impacting supplier selection.•Understand the pros and cons of single sourcing versus multiple sourcing.•Understand centralized, decentralized and hybrid purchasing organizations.•Describe the opportunities and challenges of global sourcing and understandhow globalization impacts supply management.•Understand and compute total cost of ownership.