Explain how the procurement process works by using an example of a MICE industry supplier that is related to the event that the class is organizing.

(FYI, we will purchase goods that are canned goods, noodles, and rice as the token to the speakers and participants)

2.3. After identifying the suppliers you need, then comes the process of procurement. Procurement is the act of purchasing from a supplier. There are various way to purchase such as bidding and shopping. 2.3.1. Bidding is the process of purchasing by letting suppliers know what you need and suppliers provide you with their best offers. In most cases, the cheapest offer is being chosen. However, a there are some even though costly, chooses the one who has better reputation to ensure quality in products or services. 2.3.2. According to Romero (2015), these are the general process of procurement: 2.3.2.1. Prepare a list of things you need to buy and the reason why you have to buy them. Describe the goods/services that you need and write down the details. This is called the "Specifications for a product, or the "Terms of Reference" and the "Scope of Work" for services. You may base these on online sources, similar purchases made in the past, and reference quotations. It would also help to research about the leading suppliers of a particular product or service as well as market trends. 2.3.2.2. Prepare a Gantt chart or schedule of procurement. The schedule must indicate deadline for the specifications, the quotation or bids, the delivery, and the payment. 2.3.2.3. Request for budget and have your list of items approved. 2.3.2.4. Prepare the criteria for selection. 2.3.2.5. Announce your requirement by sending out the "Request for Quotation" (RFQ). This is in a letter format indicating the specifications and/or the TOR which you prepared earlier. It must also contain the schedule, especially the deadline for submitting quotations and the target date for delivery. 2.3.2.6. Evaluate the bids/quotations using the criteria you prepared. 2.3.2.7. Respond to all bidders. Turn down those bids that were not chosen and sign a contract with the winner. 2.3.2.8. Make sure that deliveries are made on time and according to the specifications' TOR. 2.3.2.9. Pay the supplier according to your agreed terms. 2.3.2.10. Evaluate the suppliers and take note of the good performers so that you can ask them to supply you again at your next event