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HomeProcurementProcurement Considerations for Heavy Machinery and Parts

Procurement Considerations for Heavy Machinery and Parts

The purpose of identifying and selecting an appropriate procurement consideration is to find the best way to obtain the solution and result to satisfy the needs of the end user for obtaining the most advantageous pricing and contractual conditions through a competitive process. Finding the best heavy machinery and parts can often be a challenge with faces difficult site conditions or a limited budget.

Following best consideration practices will help any professional in ensuring that the end user with the heavy machinery and parts which needed and even if face unique obstacles or project conditions, will be provided. Those techniques will help management successfully achieve its goals.

Current and Future Financial Situation

Consider current financial situation to decide if have the capital to buy the heavy machinery and parts that needed, or renting may be better option. Look beyond to current situation and project costs over the several months and years for both purchasing and renting which compares between of two. Buying may be a larger one time a financial burden, but the cost of renting can add up quickly, and over a long period it could end up costing more. Not to mention, when own, it will see a return on investment when sell.

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Teow Jun Bing, DPSM
Teow Jun Bing has several years of experiences in the field of Service Management, specifically in the heavy industry. He holds an Executive Certificate In Purchasing Management, and is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Jun Bing completed the Diploma in Procurement and Supply Management (DPSM) on December 2020 at SIPMM Institute.

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