Page 56 - BASIC PRINCIPLES OF QUANTITY SURVEYING PROFESSIONAL PRACTICES

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3.0 PROCUREMENT METHODS

3.1 Definition of Procurement

❑ The act of purchasing products or services, usually for
business objectives, is known as procurement. Because

companies need to request services or acquire things on a
wide scale, procurement is most typically linked with

businesses.

❑ Procurement often refers to the ultimate act of purchasing, but

it can also refer to the entire procurement process, which is
crucial for organizations prior to making their final purchasing

decision.

❑ Even though procurement and purchase tasks overlap, they

are distinct functions.

❑ Table 3.1 shows a quick rundown of the differences between

procurement and purchasing:

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