Procurement Models are the set of procedures and systems used to acquire goods and services from external suppliers. Procurement models are used to ensure that the goods and services are obtained at the lowest possible cost and at the highest quality. They also ensure that the suppliers selected for procurement are reliable and that the goods and services meet the required standards. The most common models used in procurement include the traditional procurement model, the e-procurement model, and the strategic sourcing model. The traditional procurement model focuses on cost savings through the use of competitive bidding. This model can be used to purchase goods and services in bulk, allowing companies to save money on the total purchase cost. The e-procurement model is designed to increase efficiency and streamline the procurement process. This model can be used to simplify supplier selection by using online tools to compare prices, delivery times etc.