Procurement & Purchase:

 Procurement & Purchase:

1. 𝗣𝗢 (Purchase Order) – A formal document issued by a buyer to a supplier to confirm a purchase. 2. 𝗣𝗥 (Purchase Requisition) – An internal request to procure goods/services before raising a PO. 3. 𝗤𝘂𝗼𝘁𝗮𝘁𝗶𝗼𝗻 (RFQ – Request for Quotation) – A request sent to suppliers asking for price, terms, and availability. 4. 𝗚𝗥𝗡 (Goods Receipt Note) – A confirmation that ordered goods have been received in correct quantity/quality. 5. 𝗜𝗻𝘃𝗼𝗶𝗰𝗲 – A bill sent by the supplier for delivered goods/services. 6. 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗧𝗲𝗿𝗺𝘀 – Agreed conditions on how and when the supplier will be paid 7. 𝗟𝗲𝗮𝗱 𝗧𝗶𝗺𝗲 – The time taken between placing an order and receiving goods. 8. 𝗦𝗼𝘂𝗿𝗰𝗶𝗻𝗴 – Process of identifying and selecting suppliers. 9. 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 – A legally binding agreement between buyer and supplier. 10. 𝗩𝗲𝗻𝗱𝗼𝗿 / 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 – The external party providing goods/services. 11. 𝗠𝗔𝗧𝗘𝗥𝗜𝗔𝗟 𝗠𝗔𝗦𝗧𝗘𝗥 – Central data record containing details about materials. 12. 𝗜𝗻𝗰𝗼𝗧𝗲𝗿𝗺𝘀 (International Commercial Terms) – Standard trade terms (like FOB, CIF) used in global procurement. 13. 𝗟𝗮𝗻𝗱𝗲𝗱 𝗖𝗼𝘀𝘁 – Total cost of a product including purchase price, freight, insurance, customs duty, and other charges. 14. 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 – Determining the value/cost of procured goods or services. 15. 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 – Ensuring procurement follows company policy and regulations.