Professional Documents
Culture Documents
Procurement management
Is the strategic approach to managing and optimizing organizational spend and it involves
acquiring quality goods and services from preferred vendors within a stipulated budget, on or
before the deadline.
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Procurement
Is the process of acquiring goods or services from specified vendor. While purchasing is the art
of buying goods or services at the market.
The procurement process begins with selection and forecasting and quantification of product
requirement.
It includes the development of exacting product specifications, identification of financing, and
budget process to secure that financing
STEPS FOR PROCUREMENT PROCESS
Note: These forecasts usually are conducted annually and used to make procurement decisions.