Quiz on Basic Principles of Procurement Management

Study Notes

Foundation of Public Procurement

The foundation of public procurement is based on principles of transparency, accountability, and value for money.

Importance of Public Procurement Principles

Everyone involved in the procurement process, including procurement professionals, policymakers, and stakeholders, should have a clear understanding of public procurement principles.

Procurement Function

Procurement's function in both the public and private sectors is to acquire goods, services, or works from an external source, often through a tendering or bidding process.
The primary function of procurement in organizations is to source and obtain goods, services, or works that meet the organization's needs.

Objectives of Procurement

The main objective of procurement in both public and private sectors is to obtain the best value for money, while ensuring quality, quantity, and timeliness.

Goal of Public Procurement

The goal of public procurement is to deliver goods, services, or works that meet the needs of citizens, while ensuring transparency, accountability, and integrity.

Contract Awarding in Public Sector

Contracts in the public sector are typically awarded through a competitive bidding process, where the winning bidder is selected based on criteria such as price, quality, and technical capabilities.

Compliance in Public Sector Procurement

The role of compliance in the public sector procurement is to ensure that procurement processes are fair, transparent, and follow established laws and regulations.

Contract Awarding in Private Sector

In the private sector, contracts are typically awarded based on a combination of factors, including price, quality, technical capabilities, and relationships.

Key Differences between Public and Private Sector Procurement

One of the key differences between public and private sector procurement is the level of transparency and accountability required in the public sector, with a greater emphasis on ensuring fairness and equality in the procurement process.

Description

Test your understanding of the principles that govern the management of public procurement and set the framework for the rules and a code of conduct for public procurement practitioners. This quiz covers the foundational aspects of procurement principles.