(PDF) Key Factors of Influence in the Public Procurement

Added on - 15 Mar 2021

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Gurpreet Singh Gill.A00105702PurchasingSCM115Application Exercise (15%)Submitted to professor: Dr.Diljeet KaurProcurement Process:
The procurement is the process in which factors like searching, buying the things and services from theouter sources. It the process that generally related to purchasing of items when there is need of it.Moreover, it is the way of keep running the company in proper manner with least back order. It is theprocess of purchasing the things at least possible cost after working on various factors like quality,quantity, time, and location. In the field of the supply chain the proficient procurement is must for anyfirm to keep the flow of goods at the best possible prices. The whole this process consist of finding thesuppliers, negotiation, buying and at last payments. This process is the way for company to keep thecost low, managing risk, cycle of sourcing and contracts.Various Procurement processes:Process GroupProcess1.PlanningPlan procurement2.MonitoringControl procurement3.ExecutiveConduct procurement4.ClosingClosing procurement
There are following steps in procurement:1.Find the things to buy:At first every business need the goods to sell in the marketand it is the first step ofprocurement process. In this, the department that deals withprocurement first find out that what product is needed to buy and then they start working on it. Thenstart finds the suppliers of that product. At this step the budget of the procurement is also made.2.Choosing the suppliers:After finding the things that needed to buy the nextthing is inprocurement process is selecting the suppliers. It is very significant step in processto select the correct vendor. In this stage the supplier is selected according to the price ofproduct, quantity, quality of product, service, warranty, service for customers and also guaranteeit offers. All these factors are under focus before selecting the supplier in procurement process.3.Negotiate the price with selected vendors:After selecting the supplier the new and very essential step begin that is tomake the contract with suppliers. In this the collaboration are made by thesuppliers and buyers by singing the contract. In this step the buyer make thenegotiations with suppliers.
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