Procurement Methodology is an official business definition encompassing the planning, purchasing, and management of goods, services, and works from external sources. It is a set of principles, processes, and practices designed to ensure the most cost-effective and efficient use of a company’s resources. Procurement Methodology is used to support the company’s overall objectives and ensure that the necessary products and services are obtained in a timely manner. It is typically implemented by a dedicated procurement department, which is responsible for the selection, negotiation, and management of external suppliers. The department must be knowledgeable in the legal and regulatory aspects of procurement, and must be able to effectively evaluate potential suppliers. In addition, the team must understand the company’s specific requirements and goals in order to maximize value and minimize costs. The procurement process includes the definition of the product or service,