|Applying Best-Practice Principles in Procurement: A Refresher
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|This Lessons Note is a refresher on procurement practice. It highlights best-practice principles in procurement by a development funding agency like the African Capacity Building Foundation and encourages lessons learning in the procurement of goods and services during the implementation of projects. The Note touches on some of the salient ground rules for satisfactory procurement, underlines the significance of procurement as a process and a function, and draws attention to existing provisions and principles relating to procurement practices. It elliptically contends that in project management, procurement plays a very significant role in determining the success or failure of a project. Good procurement practice ensures value for money as well as effective and efficient operation of projects. Good procurement practice very importantly strengthens institutional credibility and serves as an index of the quality of project supervision and monitoring. The cost of mis-procurement is extremely high and could, in an extreme case, result in project failure and closure. The Note thus presents elements of best practices in procurement and serves as a quick reference guide that project managers will find invaluable.
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