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What are the steps that procurement life cycle in modern businesses consists of?

Procurement
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Question added by Fida Abo Alrob , Sr. Copywriter , Imena Digital
Date Posted: 2014/04/02
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Abdul Samad Nadeem Malik
by Abdul Samad Nadeem Malik , Business Support Officer , Thimar Al Jazirah - 3M ESPE

Following a proven step-by-step technique will help management successfully achieve its goals.

  1. Need Recognition
  2. Specific Need
  3. Source Options
  4. Price and Terms
  5. Purchase Order
  6. Delivery
  7. Expediting
  8. Receipt and Inspection of Purchases
  9. Invoice Approval and Payment
  10. Record Maintenance

 

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