How does choice and selection of materials and vendor/supplier management affect the overall quality of the construction project? The word procurement implies a simple transaction involving a buyer and seller. The terms “sourcing,” “purchasing,” and “procurement” are at times used interchangeably (depending on the industry) to define the process of procuring supplies. However, sourcing is more strategic, while purchasing and procurement refer to the actual operational function. However, Procurement Management ensures that all materials, products, goods, and services are properly acquired so that projects and processes can proceed efficiently and successfully to positively impact the bottom line and strategic business operations. Sometimes, in a bid to cut short term costs and/or meet delivery timelines, contractors compromise on top quality building materials (directly or indirectly) for which they over compensate for by using "more" materials which lead to long term cost ove...