... of Purchased Materials•The Five Ms of Business: Machines, Man/Womanpower, Material, Money, Management»Materials costs have increased– As a percentage of the cost of goods sold»Labor costs ... Management• A Five Stage Process»Identification of item or service required»Identification of best supplier»Establishment of a fair and reasonable price»Creation of an enforceable agreement»Management ... out…•…and learning from your own organization and your suppliers' organizational processes,…•…working as a mediator between suppliers and your organization,…•…and capturing information and...