Procurement Management Process is an organized approach to acquiring goods and services in a cost-effective manner. It is defined by the American Production and Inventory Control Society (APICS) as “the practice of planning, organizing, directing, controlling and evaluating the acquisition of goods and services from outside sources with the purpose of meeting a company’s needs.” This process involves the selection of suppliers, negotiation of contracts, and the tracking of orders and deliveries. It is vital to the success of any business as it helps to ensure that goods and services are obtained in a timely and cost-effective manner.
Procurement Management Process begins with the identification of requirements. A thorough review of the company’s needs and the available resources should be conducted in order to determine the right approach. Once the requirements are identified, the next step is to select the right