Procurement
This trading in the financial market is here given a more congenial appellate as procurement. PROCUREMENT is the act of finding, obtaining, acquiring or buying goods and services from an external source, often via a tendering or competitive bidding process. The process includes preparation and processing of a demand as well as the end receipt and approval of payment. It often involves.
1) Purchase Planning, 2) Standards Determination, 3) Specifications Development, 4) Supplier Research and Selection, 5) Value Analysis, 6) Financing, 7) Price Negotiation, 8) Making the Purchase, 9) Supply Contract Administration, 10) Inventory Control And Stores, 11) Disposals and Other Related Functions.