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How does procurement work and procurement cycle?

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Answer:

Procurement cycle starts from the Receipt of Purchase Request (Indent) which is generated from the store and approved by the concern authority.RFQ (Request for Qutation) or enquiry is made and send to concern suppliers from the AVL ( Approved Vendor List),on receiving the quotations and compiling them into comparative statement with detail of technical , commercial and services facts and final approval for the pucrhase,Order can be created and proceed for Authorised signature and then forwarded to the awarded supplier to deliver the material as agreed.On receipt of materia after QC check ,the GRN will be made in the store and then material could bu issued to the respective indenter.GRN,DELIVERY CHALAN ,INVOICE & PURCHASE altogather will be forward to the account for the Payment as per agreed term to the suppler.
This complete cycle and followup is term as procurement.

First answer by ID0995806303. Last edit by ID0995806303. Question popularity: 4 [recommend question].

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