procurement cycle

Definition

Series of steps that must take place to supply a production line or to replenish stock in a distribution center. Identifying the items that must be procured and determining the necessary quantities is the first step. This information is used to generate a requisition which is sent to the purchasing department. The assigned buyer requests bids and awards the purchase order to a vendor. When the ordered items arrive, they are entered into the inventory system. The parameters for a procurement cycle may be set by a known production schedule or vary based on consumer demand or other factors.

单词	procurement cycle
释义	procurement cycle Definition Series of steps that must take place to supply a production line or to replenish stock in a distribution center. Identifying the items that must be procured and determining the necessary quantities is the first step. This information is used to generate a requisition which is sent to the purchasing department. The assigned buyer requests bids and awards the purchase order to a vendor. When the ordered items arrive, they are entered into the inventory system. The parameters for a procurement cycle may be set by a known production schedule or vary based on consumer demand or other factors.
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