Pm 598 Quiz 3 Answers

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Quiz Review PM 598 The following topics will be helpful to review in preparation for the week three quiz. 1. Ways to gain maximum results in an e-procurement environment. E-procurement has had an increasingly important role in business-to-business(B2B) commerce. Web-enabled B2B e-commerce enhances inter-organizational coordination resulting in transaction cost savings and competitive sourcing opportunities for the buyer organization. E-business has radically altered the ways in which firms interact with their suppliers(Phillips 2003). Continued improvements in Internet technology connectivity provide an opportunity to make procurement for goods and services more transparent and efficient. Six forms of e-procurement applications…show more content…
All managers of contracts, both buyers and sellers, must understand the basic concepts and principles of the contracts they work with and support. Both parties must ensure that their contracts are clear and concise and that they facilitate, not inhibit, communication. First, a contract is a relationship between buyer and seller defined by an agreement about their respective rights and responsibilities. Contracts define an agreed-on relationship between a buyer and a seller. Relationships involve expectations, and that is what contracts are about. When a buyer contracts with a seller to provide products or services, the buyer is essentially melding the seller into its organization. Second, a contract is a document that describes an agreement about rights and responsibilities. In any jurisdiction, a contract is "an agreement governed and restricted by law," and the applicable law shapes the nature of the contract. 6. Two main approaches to contracting There are two main approaches to contracting: competitive methods, such as purchase cards, impress funds, auctioning, net marketplaces, vertical exchanges, horizontal exchanges, web portals, sealed bidding, private exchanges, two-step sealed bidding, and competitive negotiations, and noncompetitive methods, such as purchase agreements and sole-source or single-source negotiations. | COMPETITIVE | NON-COMPETITVE | Simplified | Purchase Cards |

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