Define Procurement

Define Procurement

Procurement is the the full process involved in acquiring required goods, services or works. Procurement involves identifying the requirement of the purchasing authority, building a list of minimum requirements, and then scoring any interested parties who meet the minimum requirements, usually offering the highest score based on the most economically advantageous bid, commonly known as “best value”. Part of the Procurement process is also to manage the contract once awarded, to ensure that the successful supplier, or suppliers, are providing a quality service.
Define Procurement

Comments

  1. Alexander Yougbah says

    It’s my interest.

  2. The terms Purchasing and Procurement are often used, incorrectly, interchangeably. So what is the difference between purchasing and procurement? What does procurement entail and what exactly does purchasing mean.

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