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Answer Posted / vishnu
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.
The process of procurement is often part of a company's
strategy because the ability to purchase certain materials
will determine if operations will continue. A business will
not be able to survive if it's price of procurement is more
than the profit it makes on selling the actual product.
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