21 - Procurement Flashcards

1
Q

What is procurement

A

high level process
Acquiring good and services
External suppliers
P3M

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2
Q

Supplier selection process

A
Define Requirement
Issue ITT
Answer queiries
Receive and evaluate bids
Award contract
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3
Q

Two types of procurement strategy

A

Make

Buy

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4
Q

What is a contract

A

two or more parties

legally binding obligations

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5
Q

Outline four contractual arrangments

A
Single
Parrellel
Sequential
Prime
Turnkey
Partnering
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6
Q

Types of relationship

A

Transaction
Long term
Collaborative

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