QUESTION ONE [25] Read the extract, and answer the question/s that follows: Purchasing policies are typically a part of a company's overall operations handbook. It will describe the purpose for the policy, restrictions placed on employees, responsibility of purchasing department employees and other specific procedures or processes. Many purchasing policies will include information on how to use a purchase order for the acquisition of goods or services. Employees are often responsible for filling out the purchase order, obtaining management authorization and tuming the document into the purchasing department. Companies can use a purchasing policy to improve the quality of goods and services in the company while lowering the cost of acquisition. Purchasing managers will often negotiate deals with vendors or running a bid process that allows vendors to compete for a project offered to them by the company With this regard, Strategically evaluate relevant policies defining the buyer-seller relationships in the purchasing process. Word count: 700800 words