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what is meant by procurement cycle?
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Answer Posted / erasto c
Determining the requirements of material either manually or
through Material Requirement Planning Checking the
availabilty of stocks. If product is new, creation of
Master data for the use of all components as mentioned
above If stcok is not available, recognisation of source of
supply If source is not avaiable, creation of source of
supply (vendor) into the system. Negotiation of terms &
conditions with source of supply Placing the Purchase Order
Follow up with vendor for delivery of goods Receiving the
Goods in the warehouse Issuing the goods to Indenting
Department Paying the Vendor for the delivery
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