A competitive bidding process in procurement is a process of soliciting bids from multiple vendors in order to select the most suitable one. This process involves the evaluation of bids based on a set of criteria, such as price, quality, delivery time, and other factors. The goal of the competitive bidding process is to ensure that the best vendor is chosen for the job. This process is used to ensure that the procurement process is fair and transparent, and that the best vendor is chosen for the job. The competitive bidding process also helps to ensure that the most cost-effective solution is chosen for the job. This process is used in many industries, such as construction, manufacturing, and government procurement. By using the competitive bidding process, organizations can ensure that they are getting the best value for their money.
