oboloo Glossary

Community Services Or Environment

oboloo Glossary

Community Services Or Environment

Community Services Or Environment

‘Procurement’ generally refers to the process of acquiring goods or services. The term can be used to describe the purchase of supplies, equipment, or services. It can also refer to the contracting process for construction projects or other major undertakings.

When most people think of ‘procurement,’ they usually think of large businesses or government agencies acquiring goods or services from vendors. However, the term can also be used to describe individual purchases. For example, if you need to hire a plumber to fix a leaky pipe in your home, you are engaged in procurement.

There are many different types of procurement, but all share some common features. First, there is usually an element of competition involved. Vendors bid against each other for the chance to win a contract. The organization awarding the contract usually chooses the vendor who offers the best combination of price and quality.

Second, procurement is often a complex process due to the large number of stakeholders involved. In addition to the buyer and seller, there may be lawyers, financial advisers, and others involved in ensuring that the transaction goes smoothly.

Third, procurement typically involves some level of risk. For example, when contracting for construction services, there is always the possibility that the project will go over budget or that it will not meet all of the specified requirements. Mitigating these risks is an important part of successful procurement management.