PURCHASE PLAN Meaning and
Definition
-
A purchase plan is a structured strategy or program implemented by individuals, organizations, or businesses to strategically acquire goods or services. It is commonly used to outline the steps and processes involved in procuring or obtaining certain items in an organized and cost-effective manner.
A purchase plan typically involves identifying the specific needs or requirements of the purchaser, such as the quantity, quality, and timing of the desired items. It may also include an evaluation of different suppliers or vendors to ensure that the best products are obtained at the most competitive prices.
The plan may outline the budget or financial resources available for the purchases, as well as any possible financing options. It may also include a timeline or schedule of when the purchases need to be made, taking into account factors such as lead times, delivery schedules, and seasonality.
In addition, a purchase plan may involve negotiating contracts or agreements with suppliers, setting up payment terms, and establishing accountability measures to ensure that the purchases are made according to the plan. It may also include provisions for ongoing monitoring and evaluation of the purchasing process to identify areas for improvement and cost savings.
Overall, a purchase plan is an essential tool for effective procurement management, enabling individuals and organizations to make informed decisions and optimize their purchasing activities while meeting their specific needs and objectives.
Common Misspellings for PURCHASE PLAN
- ourchase plan
- lurchase plan
- 0urchase plan
- pyrchase plan
- phrchase plan
- pjrchase plan
- pirchase plan
- p8rchase plan
- p7rchase plan
- puechase plan
- pudchase plan
- pufchase plan
- putchase plan
- pu5chase plan
- pu4chase plan
- purxhase plan
- purvhase plan
- purfhase plan
- purdhase plan
- purcgase plan
Etymology of PURCHASE PLAN
The term "purchase plan" does not have a specific etymology since it is a combination of two common English words. "Purchase" comes from the Old French word "purchacier", meaning "to acquire", which is derived from the Latin word "pecuniare", meaning "to obtain". "Plan" comes from the Latin word "planus", meaning "flat or level", and evolved to refer to a detailed proposal or arrangement. Therefore, when used together, "purchase plan" simply refers to a structured arrangement or strategy for acquiring something.
Infographic
Add the infographic to your website:
