Procurement is the process of purchasing goods, services, or works from an external source. It involves activities such as identifying the need for a product or service, sourcing potential suppliers, evaluating and selecting suppliers, negotiating contracts, and managing the procurement process. The goal of procurement is to obtain the best value for an organization by ensuring that goods and services are acquired at the right time, in the right quantity, and at the right price. Effective procurement practices can help organizations reduce costs, improve quality, and manage risks associated with the acquisition of goods and services.
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