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There are a number of people who use the terms Procurement and Purchasing interchangeably. But though their meanings might be similar but they are definitely not the same. So it is very important to understand the meanings of both these words.
What is Procurement?
The process of selecting the vendors, deciding on the payment terms, contract negotiation and the actual purchase of goods is called Procurement. If you have to do an assignment on this topic it is very important to take Purchasing/Procurement Process Homework Help. Procurement is basically an umbrella and purchasing basically falls under the umbrella of procurement.
Often students get confused with the real meaning of procurement and as a result of this our tutors in myhomeworkhelp.com try to explain the real meaning of the procurement process.
The different steps of the procurement process
- The first step of the procurement process is identifying the requirement of the organization. We try to explain the students about the importance of this step in the procurement process.
- After identifying the requirement it is important to authorize the purchasing request.
- Then the individual has to approve the purchase request
- The goods are to be procured
- The suppliers have to be rightly identified.
- Then you will receive the quotation
- After negotiating the quotation the buyer has to negotiate
- Then the vendor is selected
- Then the Purchase Order is received and acknowledged.
- Then you will be getting the Goods receipt
- Then the invoice is kept
- There is a 3 way match and in order to get more details about this you can get in touch with us and get the required Purchasing/Procurement Process Homework Help.
- Then the payment is made to the supplier
Following all these steps for the purpose of procurement might be quite an extensive process. However the time that will be required in this case will depend on the organization. If you are involved with the procurement in a big organization then you might require a lot of time. But if you are associated with a small company then the Procurement process might not take so much of time.
At myhomeworkhelp.com, we try to explain each and every step to the student, so that they do not have any problems doing the homework. If required we also provide Purchasing/Procurement Process Assignment Help.
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