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The procurement process typically involves five key steps:

  1. Needs Identification: Determine what goods or services are required to meet organizational objectives.
  2. Supplier Research and Selection: Identify potential suppliers and evaluate them based on criteria such as price, quality, and reliability.
  3. Purchase Requisition: Create and submit a formal request for approval to procure the identified goods or services.
  4. Order Placement: Issue a purchase order to the selected supplier, detailing the terms and conditions of the purchase.
  5. Receiving and Evaluation: Inspect and accept the delivered goods or services, and evaluate supplier performance for future procurement decisions.
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3mo ago

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