The
act of obtaining or buying
goods and services. The
process includes
preparation and
processing of a
demand as well as the end
receipt and
approval of
payment. It often involves (1)
purchase planning, (2) standards determination, (3) specifications development, (4) supplier research and selection, (5) value analysis, (6) financing, (7) price negotiation, (8) making the purchase, (9) supply contract administration, (10) inventory control and stores, and (11) disposals and other related functions. The process of procurement is often part of a
company's strategy because the
ability to purchase certain
materials will determine if
operations will continue. A
business will not be
able to survive if...
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