procurement methods

Procurement methods refer to the various ways organizations acquire goods and services. Common methods include competitive bidding, where suppliers submit proposals, and the organization selects the best offer; direct purchasing, where goods are bought outright without competition; and negotiated contracts, involving discussions to reach mutually agreeable terms. Other methods are frameworks, which set terms with suppliers for future purchases, and e-procurement, using online platforms for purchasing. Each method has its advantages and is chosen based on factors like cost, urgency, and complexity of the needs. These approaches help ensure transparency, efficiency, and value in acquiring resources.