A Procurement Work Process (Cycle) is the series of work steps to procure goods (equipment or materials) or services. The Procurement Work Process consists of identify to be procured items (grouping, to be handled together) is the first step, and create the final bidder list with pre-qualification, generate a request for quotation (RFQ, Inquiry and Requisition), release the RFQ to approved bidders, evaluate bidders’ commercial and technical proposals, select a successful bidder (vendor, supplier or sub-contractor) through clarifications and negotiations, award and make contract (release a Purchase Order (PO)), expedite and inspect supplier’s work progress and performance, held an acceptance test, hand-over material or service from supplier and make a final payment, and perform an appraisal for record and close-out.
Related Definitions in the Project: The Procurement; Project Management; Logistics Management; Supply Chain Management
