Introduction to Principles of Procurement
Procurement refers to the process of acquiring goods, works, and services from external sources in a timely, cost-effective, and efficient manner. It plays a vital role in ensuring that organizations obtain the right quality and quantity of items at the right price, from the right source, and delivered at the right time and place.
The principles of procurement serve as fundamental guidelines that promote transparency, fairness, accountability, and value for money in all purchasing activities. These principles include transparency, competition, efficiency, accountability, fairness, and ethical conduct. Adhering to these principles helps organizations build trust with suppliers, reduce risks of corruption or wastage, and achieve sustainable procurement outcomes that support both organizational goals and public interests.