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Impact For Efficient Negotiation In Purchasing Function In Manufacturing Company
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1.7 SIGNIFICANCE OF THE STUDY
The
primary significance of this study is for partial fulfillment of the
requirements for the award of Higher National Diploma (HND) in
purchasing and supply.
The secondary significance is also geared
towards exploring the academic relationship between classroom theory and
what is practically attainable in industries and government
establishment thus the carefulness in choosing the research topic.
The
third significance of the project is to help and guide the younger ones
on what to do when writing project or carrying out any research.
The
fourth significance of the project is to guide industrial purchasing s
to effective and efficient negotiation to enable them to obtain the
“best buy which is the ultimate goal of the purchasing function.
1.8 LIMITATION OF THE STUDY
Infact,
there cannot be any successful research of this magnitude without
encountering some difficulties. This project work is surrounded by some
limitation, which indicated that it was not hitch free.
The following were some problem that was encountered in carrying out the following work.
1.
Difficulties in securing some vital documents containing some valid
information relating to the subject matter of the research.
2. The
lukewarm attitudes of some offices who were supposed to attend and give
reasonable response. Some of those interviewed failed to give adequate
information believing that it will reveal their lapses and loopholes.
3. The degree of time consumed at the expenses of lectures and other important assignments. This cannot be over emphasized.
4.
Finally, finance was another constraint for the researcher. Normally, a
considerable amount of money for the gathering of information, typing
of manuscripts.
1.9 DEFINITION OF TERMS
The terms here are some of
the terms used in this project work necessary because these terms have
their own professional meanings in purchasing other than the grammatical
definition.
1. Purchasing: It’s a continuous management process that
is responsible for the anticipation, identification, and the provision
of goods and services that are required by an organization with the
objective of helping its profitability or service provided.
2.
Negotiation: Is a process of planning reviewing and analysis used by a
buyers and seller to reach acceptable agreements or compromise includes
all aspects of the business transaction not just price.
3.
Negotiator: Is a person authoritatively appointed to represent his/her
organization for negotiation. He must be skillful and broad business
experience.
4. Vendor: An outside supplier or raw materials suppliers equipment or service impact ed in the operation of an organization.
5.
Procurement: This includes duties perform by purchasing a well as
additional function materials supervision and management, inventory
control, receiving inspection and salvage operation.
6. Price: This may includes all the sacrifice made to acquire a given product both monetary and non monetary.
7.
Pricing :- This is the activities involved in setting the price for
which a product will be said. or deciding how much to change for
something. ie we say that it is an on going activities that can hardly
be completed.
8. Strategy:- It is the determination of the basic
longterm objectives of an enterprises and adaptation of course of action
and allocation of resources necessary to achieve these goals on the
organization presented mean or approach to achieving it’s objectives.
9.
Purchasing :- It us that function of management, lease or other legal
means equipment materials supplies and services required by an
undertaking for use of production.
10. Cost:- The total amount of
money that impact to be spent by a business. it is also the amount of
money that you impact in order to buy, make or do some things.
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