Procurement: Supply Management

    Description 1 page for each question; 1 source for each question. No page minimum. as long as questions are answered comprehensively. 2-3 paragraphs each. A. How is supplier cost related to supplier price? Discuss the various methods by which suppliers may set prices. B. Discuss the advantages and disadvantages of “long term” contracts. Do you think the advantages outweigh the disadvantages, or vice-versa? Why, and under what circumstances? C. Why must procurement professionals be knowledgeable about Purchasing/Procurement law? Provide examples (actual or hypothetical) to support your case. D. What three recent trends (i.e., past 20 years) do you think are the most important for the field of purchasing/supply management? Why?