Category procurement

WHAT DOES PROCUREMENT MEAN?

Procurement is a strategy in supply chain management for acquiring goods and services for a company from a vendor or external source. The process involves requesting bids or receiving tender invitations from vendors and finding the appropriate product for the company. How is procurement different from purchasing? This is an important distinction to make. Procurement […]

THE PROCUREMENT PROCESS

The life cycle of procurement is based on your company identifying the need for goods or services from an external source and acquiring the need. Once those needs are identified and defined, the process of procurement can begin. For a more detailed definition of procurement please read What does Procurement Mean. How does procurement work? Vendor […]

Procurement Management

  Procurement management, or the process of project procurement, is the systematic process of identifying and obtaining, through acquisition and purchasing, necessary services, goods, and works for your company. The primary question in your procurement management plan will be: What item (good, service) will my company purchase from an external vendor to meet the need […]