Procurement practices and procedures are the set of rules and regulations that guide the purchasing of goods and services for an organization. They provide a framework for the organization to ensure that all purchases are made in an efficient, cost-effective, and compliant manner.
The primary purpose of procurement practices and procedures is to ensure that the organization is getting the best value for its money when it comes to purchasing goods and services. This includes taking into account the quality of the product or service, the cost of the product or service, and the time it takes to receive the product or service.
Additionally, procurement practices and procedures help to ensure that the organization is in compliance with applicable laws and regulations, such as those related to health and safety, environmental protection, and labor laws.
Finally, procurement practices and procedures help to ensure that the organization is adhering to ethical standards and avoiding any potential conflicts of interest. By following the procurement practices and procedures, organizations can ensure that their purchasing activities are conducted in a responsible and cost-effective manner.
