What is a Procurement Plan?

A Procurement Plan defines the products and services that you will obtain from external suppliers. A good Procurement Plan will go one step further by describing the process you will go through to appoint those suppliers contractually. Whether you are embarking on a project procurement or organizational procurement planning exercise, the steps will be the same. First, define the items you need to procure. Next, define the process for acquiring those items. And finally, schedule the timeframes for delivery.

Procurement Plan helps the organization to procure products and services from external suppliers. It provides firms with a complete project procurement plan template, to help them to quickly and easily create a Procurement Plan for the business. By planning procurement carefully, the firm can buy the right products for itself at the right price.

Importance of procurement plan
The Procurement Plan helps to:

  • Define your procurement requirements
  • Identify all of the items you need to procure
  • Create a sound financial justification for procuring them
  • List all of the tasks involved in procuring your products
  • Schedule those tasks by allocating timeframes and resources
  • Create a robust project procurement process for your business

Procurement Planning is critical if you want to get the most out of your supplier relationships. By using this Procurement Plan template, you can quickly and easily define your procurement requirements, the method of procurement and the timeframes for delivery.

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