Procurement planning is an important part of any business. It is the process of identifying what goods and services are needed and when they are needed, as well as selecting the best sources and methods of obtaining them. The purpose of procurement planning is to ensure that resources are managed in a cost-effective and timely manner. This can be accomplished by tracking the usage of resources and understanding the long-term needs of the organization. A well-developed procurement plan must be tailored to the specific needs of the business, taking into consideration the budget, availability, and the quality of the goods and services.
The official business definition of procurement planning pdf states that it is a comprehensive system for the identification, selection, and utilization of goods and services. It should include the strategies, policies, and procedures that are necessary for the successful procurement of goods and services. It also outlines the responsibilities and