5 Basics of Procurement:

Procurement is the process of acquiring goods, services, or works from external sources, ensuring efficient and effective resource acquisition. The five basics of procurement include: needs assessment, which identifies required goods, services, or works; supplier selection, which involves evaluating and choosing suitable suppliers; contract management, which ensures proper drafting and execution of contracts to protect organizational interests; order placement, which specifies quantities, delivery dates, and payment terms; and goods receipt, which involves inspecting delivered goods or services to ensure they meet specified requirements. Mastering these basics helps organizations streamline their procurement process, optimize costs, and ensure access to necessary resources.