Define the terms procurement and logistics, and understand their overall effect on a business's operations.
Analyse how effective procurement and logistics contribute to heightened efficiency and lower unit costs.
Evaluate the trade-off inherent in procurement between achieving reduced costs and maintaining a high quality of service.
Understand the concept of a supply chain and recognise the strategic benefits of effective supply chain management.
Explain how collaborating closely with suppliers ensures that key processes run efficiently and cost-effectively.
Assess how robust supply chain management secures goods and services for the best price, while concurrently cutting waste to create streamlined processes and faster production times.
