The process of acquiring goods and services for an organization, involving various stages from planning to purchase.

A formal document issued by a buyer to a seller, specifying the details of products or services to be provided.

The process of assessing and selecting suppliers based on criteria like quality, price, and reliability.

The discussion between parties to reach an agreement on the terms of a contract, ensuring mutual benefit.

A series of steps followed to acquire goods and services, typically including needs assessment, supplier selection, and contract management.

A tool used to evaluate suppliers by assigning scores based on defined criteria, facilitating objective decision-making.

A pre-designed document format that serves as a guide for creating specific procurement documents, such as purchase orders.

Working together with stakeholders to achieve common goals in procurement, enhancing efficiency and outcomes.

Specific words or phrases used in contracts that define rights, obligations, and conditions of agreements.

The process of identifying and analyzing potential issues that could negatively impact procurement activities.

Constructive comments provided by peers or mentors to improve the quality of procurement documents and practices.

A plan outlining how to approach discussions with suppliers to achieve desired outcomes in contract terms.

The systematic management of supplier interactions to optimize performance and foster collaboration.

An internal document requesting the purchase of goods or services, often requiring approval before a purchase order is issued.

The body of law governing the creation and enforcement of contracts, critical for procurement professionals.

A collection of templates, checklists, and resources designed to assist procurement professionals in their tasks.

Individuals or groups with an interest in the procurement process, including suppliers, management, and end-users.

The process of creating and maintaining records related to procurement activities for accountability and transparency.

The practice of sourcing from multiple suppliers to reduce risk and enhance competition.

A formal guideline outlining the principles and procedures for procurement activities within an organization.

The process of allocating financial resources for procurement activities, ensuring cost-effectiveness.

The use of electronic systems to facilitate procurement processes, enhancing efficiency and transparency.

The practice of comparing procurement processes and performance metrics against industry standards to identify improvements.

The management of the flow of goods and services from suppliers to customers, including procurement activities.

Specific conditions and clauses outlined in a contract that define the obligations of each party.