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The Second Edition of Purchasing and Supply Management focuses on the next generation of professionals as it outlines the most current methods in purchasing and supply chain management. With W.C. Benton’s step-by-step approach, both students and professionals can gain analytical purchasing skills. Real case studies and exercises help students transform purchasing theory into purchasing practice and implementation. Some of the topics include purchasing business processes, price cost analysis, professional services, and transportation, global, and healthcare purchasing. Dr. Benton has published more than one hundred articles in the areas of purchasing management, inventory control, supply chain management, quality assurance, and materials management. He has been ranked #1 out of 753 quality and quantity researchers in operations management, has served as a consultant for IBM, RCA, Frigidaire, and state Departments of Transportation, among others, and is the founder of the Purchasing and Supply Management Association (PSMA) at the Fisher College of Business. Salient Features A new chapter on strategic outsourcing has been added. Strategic outsourcing has rapidly become the building block for globalization. Expanded coverage of JIT (Lean) Purchasing demonstrates how the role of purchasing has changed from merely placing orders to investigating the supplier's technical and process capabilities. Expanded coverage of Electronic Purchasing shows how e-purchasing has fundamentally transformed the traditional indirect purchasing function and has lead to significant cost savings and coordinated efficiency. Expanded coverage on supply chain relationship management examines how any buying organization must maintain strong relationships with its best contract manufacturers and suppliers in order to stay competitive in today's aggressive market sectors. Five new real world cases based on practical organizational situations have been added to reinforce the lessons learned in each chapter. Introduces innovative and recent concepts in purchasing and supply chain management, such as supply chain power and e-purchasing systems concepts. Includes coverage of pricing, price discrimination, and an appendix on the Robinson-Putman act. Covers special topics of interest to majors: equipment and leasing, healthcare purchasing, service procurement, and legal issues in purchasing and supply management. Contains over 20 case studies, all original to this text.