Sample Management Essays On Procurement Management

Homework Question on Procurement Management

  • I want you to read an article about ( Procurement Management ) and summarize it to one page with one source.

Homework Answer on Procurement Management

Procurement management is defined as a systematic process through which services and goods are bought from suppliers. This process involves managing orders, issuing receipts, managing and reviewing purchased items from suppliers. As such, procurement management process enables a company to add value on their business practices, save money and time. To begin with, the first procurement process involves identification of company needs (Method123).

A company should be able to choose the type of service or goods it requires. For example, a food processing company would identify the chemicals needed to make process a given food. The second step involves issuing purchase orders. Once the company needs to be procured have been identified, the buyer proceeds to fill purchase orders and send them to suppliers.

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The third step involves agreement on time frames for delivering goods or services. This process involves reaching a contractual stance on the time that goods are supposed to reach the buyer (Method 123). This step could also involve the method that would be used by suppliers to provide goods. For example, goods could be delivered to the buyer within one week using shipping delivery mode. The next step involves receipt and review of procured items.