Q: What is procurement?
Procurement is hiring or purchasing anything by any contractual means. OR,
Purchasing, hiring, or obtaining of goods, work, and services by any contractual means.
The steps are below:
- Identify goods and services required
- Approve purchase requests
- Identify suppliers
- Sending (RFQs and RFPs)
- Receipt of quotes from suppliers
- Negotiate pricing and terms
- Select vendors.
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