21 - Procurement Flashcards
1
Q
What is procurement
A
high level process
Acquiring good and services
External suppliers
P3M
2
Q
Supplier selection process
A
Define Requirement Issue ITT Answer queiries Receive and evaluate bids Award contract
3
Q
Two types of procurement strategy
A
Make
Buy
4
Q
What is a contract
A
two or more parties
legally binding obligations
5
Q
Outline four contractual arrangments
A
Single Parrellel Sequential Prime Turnkey Partnering
6
Q
Types of relationship
A
Transaction
Long term
Collaborative
