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Thursday, April 20, 2023

PURCHASE POLICY IN RAILWAY

6.1.0 Features of Purchase Policy :

Purchase of materials, which was earlier regarded as routine activity has now become a professional function (which requires special skills and expertise) due to rapid changes in technologies and business environment.

A professional purchaser has to purchase materials
  • of Right Quality (Just adequate quality)
  • in Right quantities (Neither too much nor too little )
  • at Right prices (Competitive but not unworkable)
  • with Right delivery (With right mode of transportation at desired place on required time)
  • from Right sources (Reliable sources having adequate potential, know-how, facilities and Financial capability and record of good performance).
These 5 Rights are popularly known as 5 R's of purchases.

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