Procurement Knowledge

Procurement knowledge is the understanding of the principles, practices, and processes of purchasing goods and services. It is the knowledge of the legal, financial, and technical aspects of the procurement process, as well as the ability to apply this knowledge to effectively and efficiently manage the procurement process. It is the knowledge of the various sources of goods and services, the methods of procurement, the cost and pricing analysis, the evaluation of bids and proposals, the negotiation of contracts, and the administration of contracts. It is also the knowledge of the laws, regulations, and policies that govern the procurement process. Procurement knowledge is essential for organizations to effectively and efficiently manage the procurement process and to ensure that the best value is obtained for the goods and services purchased.