Berkshire Stories

Word

Procurement Strategy

Defintion

The overall high-level strategy used for procuring goods, services, and raw materials for the organization's projects, programs, and portfolios. The purpose of the procurement strategy is to minimize waste and improve margins by leveraging the collective requirements of all the organization's undertakings. For instance, if five projects across the organization require Widget A, procuring them at the same time can cut costs instead of buying them as needed.

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