Provide an overview of the purchasing cycle. How is the cycle broken down into preparation and acquisition?
What will be an ideal response?
A successful answer will indicate that the purchasing cycle is broken into six steps. The first three steps are associated with the preparation for the goods/services acquisition. The next three steps are associated with the actual goods/services acquisition. The steps are as follows: Conduct an internal assessment, assess the market, collect supplier information, develop the sourcing strategy, solicit and evaluate bids, and notify the supplier and implement the contract.
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