What does tender process mean? How does the tender process work? This can include some aspects of price (eg additional items), contract wording and specification (eg items that don’t affect the overall service). Whereas procurement involves the entire process from need identification to invoice payment, tendering itself is limited to the process of going to the external market with your need specification with the intent to collect, analyze and nominate bids.
Purchasing is a subset of Procurement. Sourcing stands for procurement strategies in purchasing, i.
It is therefore important to find the optimum supplier for your own needs with the highest quality and reliability at the best price. MSc is a specialist degree which equips you specific knowledge and skills in a specific field. Most likely, you will study the program with people who are similar background (in yr case, it will be procurement, shipping or purhasing).
Those Processes are still essentially the same. Government regulations could drag out the Approval process a bit longer, especially if the Environmentalists get involved. They can shut down a project quickly.
Construction economy is a professional field which is equal to quantity surveying.