Question

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

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

Answer 1

In the basic procurement process with a procure to stock strategy, the Finance, Purchasing, Inventory management, and Production departments are all involved, each with their specific set of responsibilities to ensure efficient procurement and stock management.

Step-by-step explanation:

The departments involved in the basic procurement process using a procure to stock strategy typically include the Finance department, Purchasing department, Inventory management department, and the Production department. Each of these departments plays a critical role in ensuring that procurement activities are carried out efficiently and effectively. The Finance department is responsible for budgeting, cost control, and financial reporting; the Purchasing department handles supplier relations, order placement, and purchase negotiations; the Inventory management department oversees stock control, warehousing, and inventory turnover; and the Production department depends on timely procurement to maintain production schedules and meet production targets.