Advance Procurement is the process of acquiring goods, services, or works in advance of their actual need or use. This is typically done to ensure that the necessary resources are available when they are needed, and to take advantage of favorable pricing or terms. Advance procurement may also be used to mitigate potential risks or delays in the delivery of essential items.
Advance procurement refers to the process of procuring goods or services in advance of the actual need for them. This is typically done to ensure that the goods or services are available when needed, and to take advantage of favorable pricing or other terms. Advance procurement is often used in government contracting, where agencies may need to plan for future needs and ensure that they have the necessary resources in place. However, advance procurement can also pose risks, such as the possibility that the goods or services may not be needed as originally anticipated, or that market conditions may change, making the procurement less advantageous. As such, advance procurement should be carefully planned and managed to ensure that it meets the needs of the organisation while minimizing risks.
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This glossary post was last updated: 29th March 2024.
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