Procurement Activity Definition
The term “procurement” is used to describe the process of acquiring goods or services. Procurement activities can range from simple purchases to more complex processes that involve soliciting bids and negotiating contracts.
There are many different ways to procure goods and services, but all procurement processes involve some basic steps:
1. Identify the need for a good or service
2. Find suppliers who can provide the good or service
3. Request quotes or bids from suppliers
4. Evaluate quotes or bids and select a supplier
5. Negotiate terms and conditions with the selected supplier
6. Place an order with the supplier
7. Receipt and inspection of the ordered goods or services
8. Payment to the supplier
