Procurement Process Management (PPM) is the official business term used to refer to the entire process of acquiring goods and services. This process typically includes the identification of needs, selection of vendors, negotiation of contracts, purchase of goods, and delivery of services. The overarching goal of PPM is to ensure that an organization receives the most cost-effective and reliable products and services in a timely manner. PPM is also concerned with mitigating risks associated with procurement and improving the overall efficiency of the process.
As part of PPM, organizations must also understand their legal responsibilities. This includes understanding applicable laws, regulations, and industry standards. It also involves defining and maintaining purchasing policies and procedures that ensure compliance with regulations and optimize the procurement process. Furthermore, organizations should also consider how procurement processes interact with other areas of the business and how the selection of certain vendors or products may affect