What is the procurement cycle, and what criteria do you use to select your vendors?

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The procurement cycle involves the steps taken to acquire goods or services, while vendor selection criteria include factors like price, quality, reliability, and reputation.

The procurement cycle typically includes steps such as identifying needs, supplier selection, negotiation, purchase order placement, delivery, and payment.
Vendor selection criteria may include factors like price competitiveness, quality of products or services, vendor reliability, reputation, and past performance.
Other criteria may include vendor location, financial stability, sustainability practices, and ability to meet specific requirements or deadlines.
Examples of vendor selection criteria could be requesting references from previous clients, conducting site visits, and evaluating vendor certifications or qualifications.

What is the procurement cycle, and what criteria do you use to select your vendors?

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