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Involves processing of vendor selection, Establishing payment terms and contract and actual purchasing of goods.
Procurement is the act of finding, acquiring, buying goods, services or works from an external source, often via a tendering or competitive bidding process
To avoid confusion and delays in vendor payment the following simple procurement process may be followed.
1- Purchase Process
2- Complete Purchase Requisition Form
3- Approval from Managment
4- Decide Payment Terms
5- Agreement
6- PO
7- Invoice
8- GRN
9- Payment
End to end procurement process beings with (PLANNED) NEED, "ends" with VENDOR MANAGEMENT, or rather id does not END, it's a LOOP.
The procurement management process involves managing the ordering, receipt, review and approval of items from suppliers. A procurement process also specifies how the supplier relationships will be managed, to ensure a high level of service is received.
simple procurement process have follow
Purchase Process and complete purchase and finally have to approved from the administration department
Procurement is a structured procedure designed to consult the market for the purchase of these goods and services. A procurement procedure leads to the conclusion of a public contract.
Offers submitted in the context of a procurement procedure are called “tenders”. An economic operator who has submitted a tender is referred to as a “tenderer
