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Definition: Purchase Order Management is the management work of creating, approving, executing, and tracking purchase orders in the enterprise procurement process. A purchase order is a formal document of the procurement agreement reached between the enterprise and the supplier, usually including information such as the name of the goods, quantity, price, and delivery date, and is the basis for contract performance. Effective purchase order management helps ensure the timely delivery of materials required by the enterprise, reduces procurement costs, and ensures that the procurement process meets quality standards and compliance requirements. |
More on procurement and purchasing: Buygrid Framework, Kraljic Matrix, Modified Rebuy, Post Purchase Behavior, Procurement Contract Management, more on procurement and purchasing... MBA Brief provides concise yet precise definitions of organizational concepts, management methods, and business models as taught in an MBA program. We keep it short and provide links to high-quality websites where you can learn more about your topic.
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