Review:
Procurement Process
overall review score: 4.2
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score is between 0 and 5
The procurement process refers to the method in which goods or services are obtained from external suppliers in an organization. It involves a series of steps from identifying the need for a product or service, to selecting a supplier, negotiating terms, and making the purchase.
Key Features
- Identification of needs
- Supplier selection
- Negotiation
- Purchase
Pros
- Efficient way of obtaining goods and services
- Helps in cost savings through negotiations with suppliers
- Ensures quality and timely delivery of products
Cons
- Can be time-consuming and bureaucratic
- Risk of supplier dependence or monopolies