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Logical Order.f

Content type
User Generated
Subject
Supply Chain
School
Barstow Community College
Type
Homework
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Procurement management:
Your name
Instructor’s name
Course
Date of submission

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Procurement management refers to the strategic method in optimizing organization
spending. It involves requisitioning, inspection, ordering, invoice sourcing, and reconciliation. The
objective in supply chain management is acquiring goods and services from specific vendors
within the organization's determined budget either before or within the deadline. Procurement
management is a critical study in supply chain management to enable better organization
performance. A Supply chain study is a required course to understand the network between
companies and their suppliers and distribute specific products to the final consumers. This paper
will provide the lesson learned and exciting factors related to procurement management outlined
in the article.
The essential lessons included that procurement is a logical order that starts with planning,
what an individual or organization needs to contract, and provide the procedures to perform the
contract. Next, the organization or individual shares the agreement needs to the supplier, where
they bid for the chance to work with the individual or the organization. The individual or the
organization then picks the best one, which involves signing the contract between the two parties.
After signing the contract, an effective following is enhanced to ensure all activities are performed
successfully to achieve better outcomes. After completing the task, the contract is closed out, and
all the required paperwork is filled out. Planning is crucial for the entire project since it helps
determine all the purchases and acquisitions necessary to enhance project completion. Contract
planning involves selecting the essential roles of each individual in the project, yelps in managing
the contract, and identifying the critical measures to ensure that the agreement is more successful.
Moreover, planning in procurement management is the effective selection of suppliers and
administering the contract activities.

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1 Procurement management: Your name Instructor’s name Course Date of submission 2 Procurement management refers to the strategic method in optimizing organization spending. It involves requisitioning, inspection, ordering, invoice sourcing, and reconciliation. The objective in supply chain management is acquiring goods and services from specific vendors within the organization's determined budget either before or within the deadline. Procurement management is a critical study in supply chain management to enable better organization performance. A Supply chain study is a required course to understand the network between companies and their suppliers and distribute specific products to the final consumers. This paper will provide the lesson learned and exciting factors related to procurement management outlined in the article. The essential lessons included that procurement is a logical order that starts with planning, what an individual or organization needs to contract, and provide the procedures to perform the contract. Next, the organization or individual shares the agreement needs to the supplier, where they bid for the chance to work with the individual or the organization. The individual or the organization then picks the best one, which involves signing the contract between the two parties. After signing the contract, an effective following is enhanced to ensure all activities are performed successfully to achieve better outcomes. After completing the task, the co ...
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