RM 111: Principles of Procurement Management Quiz

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.