How is procurement implemented?

Procurement is implemented through a strategic process that involves various steps. Firstly, a procurement plan is developed based on the needs of the organization. The plan outlines the required goods or services, delivery schedule, and budget. Next, the organization identifies potential suppliers through a bidding process. Suppliers are evaluated based on factors such as the quality of their products, price, and delivery time. Once a supplier is selected, a contract is drafted and signed, outlining the terms and conditions of the transaction. The procurement process ends with delivery, inspection, and payment for goods or services rendered. Implementation of procurement requires effective communication, collaboration, and monitoring to ensure that the acquired goods or services align with the organizational needs and goals.

This mind map was published on 17 May 2023 and has been viewed 57 times.