The best-selling textbook in purchasing and supply management through several editions, this book presents a practical framework for students to apply how firms actually manage the enterprise-wide functions of purchasing and supply in today's business environment. This edition represents a complete and thorough revision of the book, now explaining purchasing and supply management in the context of the supply chain, which. has begun to dominate the literature in the field. World Class Supply Management SM: The Key to Supply Chain Management, Seventh Edition, reflects that change in focus, right down to the title (formerly called, more traditionally, Purchasing and Supply Management; now with the subtitle that specifically references the book's increased focus on supply-chain issues). New chapters have been added to the beginning and end of the text, to frame the new discussion of supply chain issues. The book has also been thoroughly updated to reflect the realities of purchasing and supply management in the digital age.

Table of Contents:
PART I:THE FOUNDATION Chapter 1. World Class Supply Management Chapter 2. Purchasing Becomes Supply Management Chapter 3. Supply Management: An Organization-Spanning Activity Chapter 4. Supply Management: Implementers of Three of the Firm?s Social Responsibilities PART II: ENABLING CONCEPTS Chapter 5. Buyer-Supplier Relationships Chapter 6. Cross-Functional Teams Chapter 7. Quality Management Chapter 8. Total Cost of Ownership Chapter 9. E-Commerce II PART III: THE REQUIREMENTS PROCESS Chapter 10. New Product Development Chapter 11. Specifications and Standardization Chapter 12. The Procurement of Equipment Chapter 13. Purchasing Services PART IV: STRATEGIC SOURCING Chapter 14. Outsourcing: To Make or To Buy Chapter 15. Sourcing Chapter 16. Global Supply Management Part V: Strategic Cost Management Chapter 17. Pricing Chapter 18. Cost Analysis Chapter 19. Types of Compensation Chapter 20. Negotiation PART VI: RELATIONSHIP MANAGEMENT Chapter 21. Relationship and Contract Management Chapter 22. Supplier Development Chapter 23. Ethical and Professional Standards Chapter 24. Legal Considerations PART VII:I INSTITUTIONAL AND GOVERNMENT PROCUREMENT Chapter 25. Institutional Supply Management Chapter 26. Government Procurement PART VIII: WORLD CLASS SUPPLY CHAIN MANAGEMENT Chapter 27.Toward World Class Supply Chain Management Chapter 28. Epilogue: Implementing World Class Supply Chain Management Name Index Subject Index