Procurement
Subject: Management | Topics:

Procurement is the act of obtaining or buying goods and services. It involves the activities involved in establishing fundamental requirements, sourcing activities such as market research and vendor evaluation and negotiation of contracts. It is actually used to ensure the buyer receives goods, services or works the best possible price, when aspects such as quality, quantity, time, and location are compared. It includes preparation and processing of a demand as well as the end receipt and approval of payment.

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