Question

Which of the following departments or functions are involved in the basic procurement process using a procure to stock strategy?

1) Purchasing department
2) Inventory management department
3) Finance department
4) Production department

Answer 1

The departments involved in a procure to stock strategy are the Purchasing department, Inventory management department, Finance department, and potentially the Production department. They coordinate to manage procurement in line with stock and budget needs.

Step-by-step explanation:

The departments or functions involved in the basic procurement process using a procure to stock strategy are:

• Purchasing department - responsible for ordering and acquiring goods.
• Inventory management department - in charge of stock control and ensuring availability of inventory.
• Finance department - oversees budgeting and payment processes.
• Production department - may provide input on what materials and quantities are needed, depending on the organizational structure.

All these departments work closely together to ensure that the procurement process aligns with the company's stock requirements and financial constraints.