Which concept describes ensuring the acquisition of the right quantity, quality, place, price, and time?

Which concept describes ensuring the acquisition of the right quantity, quality, place, price, and time?

• A. Right Quantity
• B. Strategic Sourcing
• C. Five Rights of Procurement
• D. Apparent Authority

Answer: (C)

The Five Rights of Procurement describe aiming to buy the right quantity, the right quality, the right place, the right price, and at the right time. This set of criteria acts as a practical compass during every purchasing action, helping teams match specifications to actual needs, avoid excess or shortages, and ensure timely delivery at a fair price. That explicit naming of all five dimensions is why it’s the best fit for describing this concept. The standalone idea of right quantity covers only one dimension. Strategic sourcing is a broader approach to selecting suppliers and optimizing procurement overall, not the specific five criteria. Apparent authority is about whether someone seems authorized to act, a governance issue rather than a purchasing criterion.

The Five Rights of Procurement describe aiming to buy the right quantity, the right quality, the right place, the right price, and at the right time. This set of criteria acts as a practical compass during every purchasing action, helping teams match specifications to actual needs, avoid excess or shortages, and ensure timely delivery at a fair price. That explicit naming of all five dimensions is why it’s the best fit for describing this concept.

The standalone idea of right quantity covers only one dimension. Strategic sourcing is a broader approach to selecting suppliers and optimizing procurement overall, not the specific five criteria. Apparent authority is about whether someone seems authorized to act, a governance issue rather than a purchasing criterion.