OVERVIEW OF PROCUREMENT OF GOODS, SERVICES AND WORKS

Procurement is the act of acquiring, buying goods, services or works from an external source, often via a tendering or bid process. It is favorable that the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the acquirer in terms of quality and quantity, time, and location. It is the act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment. It often involves:
1. Purchase planning,
2. Standards determination,
3. Specifications development,
4. Supplier research and selection,
5. Value analysis,
6. Financing,
7. Price negotiation,
8. Making the purchase,
9. Supply contract administration,
10. Inventory control and stores, and
11.Disposals and other related functions.