Procurement Management Assignment: Comparative Study of Methods for Large-Scale Projects
| University | Universiti Tenaga Nasional (UNITEN) |
| Subject | Business Economy |
Question
Procurement refers to the process by which organizations acquire goods, services, or works from external sources. Different methods of procurement are used depending on factors such as the nature of the purchase, budget constraints, and urgency.
a) Define procurement and explain its importance in organizational operations, then describe two methods of procurement. (10 marks)
b) Compare two procurement methods focusing on their effectiveness in handling large-scale, time sensitive projects. Provide an example of a project where each method might be used and justify your answer. (10 marks)
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