$$ Comment on how the key procurement principles of value, ethics, competition, and transparency contribute to procurement success.

The Statement of Work $($SOW$)$ is the most essential aspect of the procurement plan. Because it outlines everything necessary in procurement, it includes the purpose statement that explains why the procurement is being undertaken. The scope statement gives the boundaries of the procurement. The procurement deliverables include a signed contract from the vendor. The goals and objectives state the achievement goal of the procurement. The chain of command is an organizational chart of the procurement. The communication plan gives directions on who and how to communicate. All of these aspects are important when creating a procurement plan as they guide the whole process.