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Steps in the Procurement Process

The procurement process involves eight steps: specifying and planning, identifying and selecting suppliers, negotiating and contracting, placing the purchase order, expediting product order, receipt and inspection of purchase, invoice clearing and payment, and maintaining records and relationships. The purchasing agent is responsible for ordering products and services, ensuring a balance between quality and cost while staying informed about market conditions. Their role is crucial for maintaining the necessary supply of materials for company operations without overcommitting financial resources.

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20 views2 pages

Steps in the Procurement Process

The procurement process involves eight steps: specifying and planning, identifying and selecting suppliers, negotiating and contracting, placing the purchase order, expediting product order, receipt and inspection of purchase, invoice clearing and payment, and maintaining records and relationships. The purchasing agent is responsible for ordering products and services, ensuring a balance between quality and cost while staying informed about market conditions. Their role is crucial for maintaining the necessary supply of materials for company operations without overcommitting financial resources.

Uploaded by

mandocdocmica55
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

MICHAELA MANDOCDOC

CA04A

1. WHAT ARE THE STEPS OF THE PROCUREMENT PROCESS?

PROCESS OF PROCUREMENT
1. Specifying and Planning
2. Identifying and Selecting Suppliers
3. Negotiating and Contracting
4. Placing the Purchase Order
5. Expediting Product Order
6. Receipt and Inspection of Purchase
7. Invoice Clearing and Payment
8. Maintaining Records and Relationship

2. WHO IS THE PURCHASING AGENT?

The purchasing agent is responsible for ordering products, services, and raw materials
for the company or organization. They often work for manufacturers, retail chains, or
wholesale companies. Purchasing agents are in charge of all buying for their company.
They buy the raw materials, goods, and services their company needs to maintain
operations. Purchasing agents, or buyers as they are sometimes called, see that their
company has a sufficient supply of the materials it needs to operate. However, agents
must avoid tying up too much of the company’s money in supplies. Their job is to
balance quality with cost to ensure that the best purchases are made. It is vital that
purchasers stay up to date on overall market conditions and price trends that affect what
they are buying. They use the latest pricing information available on the Internet to
compute the price of items, the cost of handling and transportation for those items, and
the cost of time spent by workers who unload the stock and fill out shipping paperwork.

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