problem 1: Describe the term ‘Total Cost of Ownership’.

problem 2: Describe in brief the significance of comprising a liquidated damages clause in a purchasing contract.

problem 3: describe four methods of dealing with low value purchases.

problem 4: Describe in brief the four essential elements of a valid contract.

problem 5:

a) Describe 'Right Quality' from a buyer's perpective. Whats are the costs of poor quality?

b) List the other four Rights of the purchasing mix.

problem 6:

a) One of the procurement methods is Direct procurement. List four other methods.

b) describe four circumstances when direct procurement method might be utilized.