6 basic Procurement Methods
Acquiring desired goods at competitive prices accounts for one of responsibilities of the procurement department. Additionally, other related services, included handling all legal procedures associated with accomplishing a contract, budgeting costs and studying financial trends to ensure that company budget is spent right.
Generally, there are six procurement methods used by the procurement team in a company.
- Open tendering.
- Restricted tendering.
- Request for proposals.
- Two-stage tendering.
- Request for quotations.
The type of procurement method should be extremely relative to the conditions of the procurement effort and the genre of goods and services being requested.
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