Learning Task 3: Define the following:
1. Reliability
2. Quality
3. Value for Money
4. Suppliers should deliver on time
5. Financial security
6. A partnership approach
1. Reliability
2. Quality
3. Value for Money
4. Suppliers should deliver on time
5. Financial security
6. A partnership approach
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1. Reliability- it is the quality of being trustworthy or of performing consistently well.
2. Quality- it is the standard of something as measured against other things of a similar kind and it is also a distinctive attribute or characteristic possessed by someone or something.
3. Value for Money- it is a utility derived from every purchase or every sum of money spent and it is also a systematic approach to considering these issues throughout planning and implementation.
4. Suppliers should deliver on time- it means that a delivery of a product is made on or before a customer's requested delivery date as specified in the applicable line item in the customer's purchase order for such product.
5. Financial security- it is a financial asset or instrument that has value and can be bought, sold, or traded.
6. A partnership approach- it is a a legal form of business operation between two or more individuals who share management and profits.