Procurement Basics Quiz

Procurement Goals and Processes

• The primary goal of procurement is to acquire goods, services, or works from an external source, often via a tendering or competitive bidding process, to achieve the best value for money while minimizing risk and ensuring business objectives are met.

Supplier Selection

• The most important factor in supplier selection during procurement is the evaluation of the supplier's ability to meet the specified requirements, including quality, delivery, price, and sustainability.

Contract Management

• Effective contract management in procurement is crucial to ensure that the agreed-upon terms and conditions are met, risks are mitigated, and the contract delivers the expected value and benefits to the organization.
• Contract management involves managing the contract lifecycle, from procurement planning to contract close-out, to ensure that the contract remains valid, relevant, and beneficial to the organization.

Test your knowledge of procurement with this quiz covering its primary goal, supplier selection factors, and the significance of contract management.