• Procurement can be defined as the process of acquisition goods, works and services to satisfy the identified needs of an important function within an entity. Procurement can be defined as the process through which entities purchase their requirements to fulfill school requirements.
    • The traditional definition of procurement is acquisition by any means of supplies, services, or works. This definition was more associated with purchasing than procurement.
  • We can say that procurement, different purchasing, is a process not an event. It has to be conducted in a systematic manner; and involves a number of stakeholders.

What are the objectives of procurement?

  • The key objectives of procurement can be captured in the traditional five (5Rs) rights of procurement, as they were stated by Bailey and Farmer (1985) namely:
  1. Acquiring the Right product
  2. From the Right supplier
  3. In the Right quality
  4. At the Right time
  5. At the Right price

 

Download Here