ABSTRACT
Sourcing can be classified in many ways thus: single sourcing, multiple sourcing. Single sourcing involves having one supplier who will meet the buyer’s requirements by delivery schedule is made easier, quality control since there is only one supplier, personal relationship can be more easily established thus, making communication more effective.
Another one is multiple sourcing which is seen as a situation in which the buyer may choose to buy from more than one source, it means several sources of supply. Hence there are many advantages of multiple sourcing like competitive pressure, it provides alternative sources in the event of supply stoppages. It enhances supplier’s appraisal. Direct access to comparable data from competitors greatly simplifies the task of suppliers monitoring and appraisal.
The project work has been divided into four chapters.
Chapter one deals with the introduction of the approach.
Chapter two is a review of related literature on searching out of supplier’s selection of supplier and selection of sourcing strategy.
The next chapter three outlines the procedures and methods used in gathering data.
While chapter four which is the last chapter deals with conclusion, summary and recommendation.
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
The selection of a vender is the most crucial factor in the buying process, and is an acid test of good purchasing. The process includes the continuing surveillance of the relationship between the supplier and the buyer to maintain mutually satisfactory conditions of co-operative and interest.
In selecting sources of supply, purchasing makes decision that influence not only firms economic success, but the livelihood of the suppliers and the efficiency of the entire economy. The supplying firm and ultimately the economic welfare of employees and their families. The vitality of the entire economy is involved because proper functioning of our free enterprise economy depends on sound product and choice of purchasing, by its naira votes (ie purchase) determines the economy’s production and its allocation of resources.
The efficiency of vender solution stimulates competition, which means that better products and services are developed for the economy. Sourcing which goes hand in hand with supplier evaluation is a process and procedure used by buyers or purchasing to seek, survey, evaluate and determine which supplier can best meet the requirements of their organizations, in terms of supply of goods and services.
Sourcing is a vital aspect of buying and the buyers job would be effectively done when he deals with reliable supplier/suppliers. The first stage in sourcing is often conditioned by the experiences the buyer had with variables suppliers.
The primary responsibility of the buyer is to seek and maintain suitable sources of supply in order to ensure that he obtains the right quality of materials at the right price. The purchasing department of any organization should allocate enough time and effort in investigation and evaluating present and prospective suppliers. They should embark on a continuous appraisal of suitability and performance of the suppliers to ensure that they always deliver/supplies according to specification. There exist numerous advantages to be considered such as: Right price, right time, right quality and delivery to the right place that buyers should seek out as a matter of routine all available sources of supply for the product range for which they are responsible.
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