What is purchase cycle?

The Purchase cycle constitutes the following:

1. Initiating the purchase;
2. Receiving of the Purchase Requisitions;
3. Deciding important factors relating to purchase;
4. Selecting the suppliers;
5. Placing purchase-orders and follow-up
6. Receiving the supply and returning unwarranted suppliers;
7. Inspecting the material received; and
8. Passing invoices for payment.