Review:
Procurement Process
overall review score: 4.5
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score is between 0 and 5
The procurement process is the series of steps and activities involved in acquiring goods or services from external sources.
Key Features
- Supplier selection
- Negotiation
- Contract management
- Risk management
- Supplier relationship management
Pros
- Ensures that organizations obtain goods and services at the best price and quality
- Helps in building strong relationships with suppliers
- Supports compliance with regulations and ethical standards
Cons
- Can be time-consuming and resource-intensive
- Risk of supplier performance issues or disruptions