Procurement is a complete process of obtaining goods and services from preparation and processing of a requisition trough to receipt and approval of the invoice for payment.
Also called Sourcing, it commondy involves:
- Purchase Planning
- Standars Determination
- Specifications Development
- Supplier Research and Selection
- Value Analysis
- Financing
- Price Negotiation
- Making the Purchase
- Supply Contract Administration
- Inventory Control and Stores
- Disposals and Other related Functions
Procurement Abjectives
- To meet all requirement for goods/services, agreed with the customers in line with the corporate mission and goal.
- To provide the goods/services at the low cost, measured on an international competitive basis, taking into account; price, quality, timing, inventory, payment, and other commercial considerations.
- To ensure full legal and commercial protection in all contractual arrangements
- To achieve and maintain professional and ethical standards.
- To highlight and develop talent
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