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Review:

Procurement Process

overall review score: 4.5
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

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Last updated: Mon, Nov 18, 2024, 02:11:23 PM UTC