I don’t have any experience of my own, but my father owns a company and procurement is a major key to a company’s success. I agree with bb254. The points she mentioned are major points in procurement management. I would like to add from my father’s experience that having a solid back up plan for vendors is necessary. Things come up with vendors, like price hikes and other situations that make a back up plan essential so the production process of the company stays stable under any sudden changes to the supplying vendor.