Abstract
AbstractProcurement is a key process in a construction project that creates and manages contacts. Procurement activities span from identification of requirements to project closeout, making it a perfect mode for integrating organizational strategic directions. Lately, the strategic importance of procurement has been widely acknowledged by academics as well as industry professionals. Construction procurement is a complex process with a large number of available options and directions. Ad hoc statistics show that modern initiatives such as sustainability, life-cycle costing, and standardization are getting integrated with procurement. However, there is no unified view in the construction industry on procurement as a project process. This paper presents a comprehensive review of traditional and emerging procurement practices in the construction industry. The current procurement practices are analyzed by separating into three segments; processes, methods, and policies. Furthermore, strengths and weaknesses of...
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