Distinguish between tender process in two different sectors
Answers
Procurement:↓↓↓
The Understanding and Translation of Customer Needs and Requirements to the selection of capable suppliers, to realize the cost-effective acquisition, receipt and payment of vital inputs and raw materials. Factors impacting the Total Cost of Ownership such as quality, efficiencies, delays, stock outs, obsolescence and carrying cost are heavily emphasized in the procurement discipline.
To learn and master the above skill sets takes time and depends one’s learning style. Individuals seeking to learn the science of procurement should do some research of their learning styles.
Tendering: ↓↓↓
The requisition of suppliers to offer bids on business. The requisition usually goes out to carefully selected vendors via a Tender Document. This document articulates negotiable items such as terms, specifications, price, quality, and delivery.
Critical aspects of tendering include transparency, fairness, and non-discrimination.