There Are Seven Steps in the Strategic Sourcing Process

question 10

Essay

There are seven steps in the Strategic Sourcing Process. Name at least five, and choose two to discuss in more detail.

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Definitions:

Control Operations

This refers to the various procedures and mechanisms deployed by a business or organization to regulate and guide its operations towards achieving set objectives.

Variance

The difference between planned or budgeted figures and actual figures, used in performance analysis and management.

Financial Reporting Systems

Systems used by organizations to manage and process financial data, and to produce reports that accurately depict business performance and financial position.

Principle of Exceptions

A management principle where focus is directed towards cases that deviate significantly from the norm, allowing managers to concentrate on significant issues rather than routine matters.