A procurement life cycle provides a structured, end-to-end framework for acquiring goods and services-from identifying a need and sourcing suppliers to receiving, paying for, and record-keeping the purchase. Managing the entire cycle helps control costs, reduce risk, and ensure compliance with internal policies and external regulations.
Incorrect options each describe activities that may occur within asset or financial management, but none represent the comprehensive, end-to-end focus of the procurement life cycle.
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What are the key stages in the procurement life cycle?
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How does the procurement life cycle ensure compliance?
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What role does supplier management play in the procurement life cycle?