Explaining the procurement contract process

Question

Assignment:

Question 1. Draft a memo to a chief executive officer explaining the procurement contract process. Include the following elements:

1. Provide a general description of the procurement contract life cycle.
2. Explain why a company would want to use contracts.
3. Describe the benefits to a company that uses this process.
4. Provide an example of a company that successfully uses the procurement contract life cycle and how that company has benefited from it.

Write in 1500 to 1800 words.