Selection of Seller for Project 2022

Running head: SELECTION OF SELLER FOR PROJECT
SELECTION OF SELLER FOR PROJECT
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SELECTION OF SELLER FOR PROJECT
Table of Contents
Procurement: 2
4 practices for selecting a seller for the project: 2
References: 4

SELECTION OF SELLER FOR PROJECT
Procurement:
Procurement is referred to the process which is utilised for the selection of the seller
for a particular project. The process consists of finding the terms for the project and agreeing
on them. The process also includes the obtaining of the materials, services which is obtained
from an external source (Parthiban, Zubar & Katakar, 2013). Obtaining this external source
or the workforce is generally done by the process of tender selection or other bidding
processes.
4 practices for selecting a seller for the project:
The four practices that are needed for the selection of the required vendor for the
project are as follows:
 Analyzing the business requirements:
The prime task for a vendor selection team that needs to be performed in the
beginning of the selection process is noting down the category of the service or
material for the project and for which the vendor is being searched (Finnerty, 2017).
This defining process also includes the defining of the technical, business
requirements, vendor requirements and releasing the documents in the targeted area
for get5ting the input.
 Vendor search:
After gaining the agreement on the business along with the requirements of the
vendor, the team needs to initiate their process of searching the efficient vendors. The
larger vendor-selection process creates scope for more vendors to bid for the
selection. After the confirmation on the selection process the organization needs to
send a Request For Information (RFI) to the selected vendor (Dutta, Gwebu & Wang,
2017).