Procurement Management is the process of acquiring goods and services needed for an organization to operate effectively. It involves identifying needs, selecting suppliers, negotiating contracts, and ensuring timely delivery. This process helps organizations manage costs, maintain quality, and build strong supplier relationships. Effective Procurement Management also includes monitoring supplier performance and managing risks associated with supply chain disruptions. By implementing strategic sourcing and maintaining clear communication with vendors, organizations can optimize their procurement processes, ultimately leading to improved efficiency and cost savings.