Guides ยท Business

Procurement Basics

Source and buy effectively

Procurement processes define requirements, solicit bids, evaluate vendors, negotiate contracts, and manage purchase orders to balance cost, quality, and risk.

Define Needs

Scope requirements and budget; decide buy vs build.

Select

Run RFP/RFQ, evaluate vendors on cost, quality, risk.

Contract

Negotiate terms and POs; set delivery and acceptance criteria.

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