On Friday, the School of Business Finance Lab will be unveiled and there will be a dedication at 1:15 p.m. Please stop by after 2:15 p.m. for a tour of the lab. Your assignment includes:
-Identify three items that had to be procured to make the finance lab unique. In other words, items that are unique to this lab versus another lab. For example, that might include finance software, but not the chairs.
*In the real world, we would define our need first. In this assignment you will work backwards from the three items that you identify.
-Define the need for each of these three items. Define the need individually.
-Identify possible sources and analyze these sources. Be sure to make a complete analysis of these suppliers. One supplier may include UIndy as they do happen to use furniture that they have in storage. Again, make a complete analysis of the sources and do it for each of the three items. Don’t forget to consider risk, lead times, reputation, terms, etc.
-Select the supplier and include terms if any. Then, describe which po you would use for each of the three items and why.
-Finally, describe how you might follow the below steps of procurement for your three items. Include any items that might be specific for your items. IE, this might include quality checks, etc.
· Follow-up and/or expedite the order
· Receipt and inspection of goods