Which of the following is the first step of any material procurement p

1.	Which of the following is the first step of any material procurement process?1. Demand2. Purchase order3. Payment settlement4. Material inspection
Answer» Correct Answer - Option 1 : Demand Procurement Process: 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 Needed 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

Which of the following is the first step of any material procurement process?1. Demand2. Purchase order3. Payment settlement4. Material inspection

Answer» Correct Answer - Option 1 : Demand

Procurement Process:

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 Needed 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

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