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Business English Exercise | Topic: Procurement 1

PROCUREMENT (from wikipedia): The acquisition of goods and/or services at the best possible total cost of ownership, in the right quantity and quality, at the right time, in the right place for the direct benefit or use of governments, corporations, or individuals generally via, a contract.
This exercise will help you learn some of the terminology used by those who work in procurement.

(Choose the best response for each one)

1. P1: What does Martin do at work? P2: He works ____________________.
  in procurement
  on procurement
  with procurement

2. We don't have a lot of money to spend. = We have a ____________________ budget.

3. Lynne taught me how to develop a good acquisition ____________________. (ie. how to determine the most appropriate means of procuring something)

4. A bidding process, one where several businesses/individuals bid on a contract, is sometimes referred to as ____________________.
  legal tender

5. Our company has determined that any product/service desired that is over $1,000 __________________ a bidding process.

6. We're interested in finding a __________________ partner ( = not short-term).
  long time

7. One of the key elements of successful procurement is good __________________. ( = doing something at the right time)
  time skills

8. Sometimes a complex __________________ assessment is required for every service that is being considered.
  risk taking
  risk management
  risky management

9. What does the term "economies of scale" refer to?
  The more you buy, the more you spend.
  The less you buy, the less you spend.
  The more you buy, the less each unit costs.

10. Bill's team ____________________ a 5 million dollar reduction in the total cost of the machinery.

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