Describe and discuss the differences and relationships between purchasing, procurement, and

strategic sourcing. How have these concepts evolved?

$2.$ Using the quadrant or risk$/$value technique, categorize the importance of the following items

for an automobile manufacturer: engine, tires, gasoline, paper for the employee newsletter, a

uniquely designed and engineered muffler, and rail car service to dealers. Describe the rationale

you used to ascertain each categorization.

$3.$ The MSSP process can be described in terms of a series of elements that should be used in the

purchase of goods and services. Briefly discuss these elements.

$4.$ Maximizing the effectiveness of the procurement process is a major goal of an organization.

What steps can be taken to help ensure that the process is maximized?

A key part of the procurement process is the selection of suppliers. What criteria are commonly used in this selection process? Which criteria should be given the highest priority?

Why?