This video explains the Five Rights of Procurement. These are the basic objective of the purchasing function.
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Purchasing and Procurement:
https://youtu.be/ntHnQrQBG2YTotal Cost Of Ownership:
https://youtu.be/YKdcEOTA7PkConformance and Performance Specification
https://youtu.be/ow4oOhsxuPkContent : The Five Rights [Quality, Quantity, Price, Place Time] , their interdependence, purchasing actions that contribute to the five rights. These 5 rights are often called "basic objectives of purchasing", "purchasing factors" or "key purchasing variables"