--- To enhance the value and performance of procurement and SCM practitioners and their organizations worldwide ---

Enhance the Value and Performance of Practitioners and their Organizations Worldwide:

The Institute for Supply Management® (ISM) is the first supply management institute in the world. Since 1915, ISM has executed and extended its mission through education, research, standards of excellence and information dissemination — including the renowned monthly ISM Report On Business® — and maintains a strong global influence among individuals and organizations.

Glossary of Key Supply Management Terms TERM OF THE DAY:


A financial plan, specifying the amount of money to be spent on plant and equipment. The capital budget is for buildings, equipment and other long-term assets used for the operation of the organization. The primary purpose of capital expenditures budgeting is to provide a formal summary of future plans for acquiring facilities and/or equipment. Purchasing can use the capital expenditures budget to determine the best possible source in accordance with the funds available.

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