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The purpose of a procurement policy is to ensure the best value – the most advantageous balance of price, quality, and performance —is obtained when purchasing business-related products and services, and to minimize fraud, waste, and abuse in purchasing.

When creating policies, the belief is that there is a delicate balance between having a maximum amount of control without being too bureaucratic. Finding the right balance to match your business's culture is essential for the success of the procurement policies.

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