What is PROCUREMENT?

The entire process of purchasing goods that includes the purchasing decision, the selection of the goods, and the payment made by the buyer to purchase the goods. It involves (1)planning the purchase, (2) determination of the standards, (3) Development of specifications, (4) researching and selecting the supplier, (5) analysis of the value, (6) Financing, (7)negotiating the price,(8) purchase, (9) supply contract administration, (10) controlling the inventory and (11) disposals.

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