Define the importance of purchasing and supply management

Question

All of the following topics must be addressed in order for the paper to be complete:

1. Define the importance of purchasing and supply management and how this relates to selecting a qualified supplier.
2. Discuss how to select strategies for negotiating prices.
3. Assemble the steps of the creation of a project supply, service, and material budget from detailed requirements.
4. Illustrate the benefits and costs of outsourcing, and the growth pattern of outsourcing.
5. Evaluation of the various organizations that are benchmarks in purchasing and supply management, and their best practices. Provide specific examples of companies who show market leadership in purchasing and supply management.