Questions with Answers on Purchasing strategy process

Questions with Answers on Purchasing strategy process – 
What are the steps in organizing the purchasing function.
Explain the financial aspects of purchasing.
What are the tactical and operational applications in purchasing management? 

Questions with Answers on Inventory Management; 
What is the process of Valuation and accounting for inventory?
Explain the physical location and control of inventory in inventory management.
Explain the planning and replenishment concepts.
What is the protecting inventory?
Explain value management, value engineering and value analysis in Inventory management.