Which term describes a formalized process with specific documents to engage suppliers for projects?

The procurement process is a formalized approach that encompasses various stages and involves specific documentation used to engage suppliers for projects. This comprehensive process includes several key steps such as identifying needs, specifying requirements, soliciting bids or proposals, evaluating suppliers, and ultimately selecting the most suitable one to fulfill the project requirements.

The term "procurement process" captures the structured nature of acquiring goods or services from external sources. It ensures that the organization adheres to policies, regulations, and best practices throughout the supplier engagement. By implementing a standard procedure, organizations can enhance transparency, increase efficiency, and mitigate risks associated with supplier relationships.

In contrast, contract negotiation refers specifically to the discussions and agreements made once a supplier has been selected, while supplier assessment focuses on evaluating potential suppliers before making a procurement decision. Market research, on the other hand, involves gathering information about market trends and supplier capabilities but does not encompass the entire process of supplier engagement. Therefore, the procurement process is the most accurate term that describes the formalized documentation and steps needed to effectively engage suppliers for projects.