Procurement in most modern organizations follow some sequential steps which are described below − Requirement and Information Gathering Getting the minimum price for a product or service is often necessary, however it is equally important to maintain a balance between the product availability, quality, and vendor (seller) relations. Organizations try and keep inventory levels at a minimum, due to the prices associated with high levels of inventory at the same time, it can be detrimental to stop production due to shortage of raw materials. However it is critical to maintain a right balance between quantity, price, and time. It is subdivided into following parts −īasic procurement is a process of acquiring goods or services in the right quantity, at the right price, and at the right time. Procurement should be done in such a way that materials are ordered in correct quantity, with a proper value at the proper time. The process of buying materials and obtaining services from vendors or dealers is called procurement. Every organization acquires material or services to complete its business needs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |