Which of the following tasks is the first step of the purchase procedure of any material?
Right Answer is:
The procurement process is the series of actions required to obtain goods or services from an outside source.
This process includes researching vendors, order requests, budget negotiation, purchases, and audits.
Steps of a Procurement Process:
Step 1: Identify Goods or Services Requisition or Demand
Step 2: Consider a List of Suppliers
Step 3: Negotiate Contract Terms with Selected Supplier
Step 4: Finalise the Purchase Order
Step 5: Receive Invoice and Process Payment
Step 6: Delivery and Audit of the Order
Step 7: Maintain an Accurate Record of Invoices