Value for money through procurement planning
Keywords:
Automation, Inventory Control, Supply chain management, Public procurementAbstract
There is no evidence proving a connection between procurement planning and procurement regulatory compliance, and hence value for money (VFM), despite empirical studies establishing the significance of procurement planning in obtaining VFM in procurement. In order to investigate how procurement practitioners in Tanzania might maximize VFM through procurement planning, this study looked at how procurement regulatory compliance can be used. It was decided to use a cross-sectional research strategy. With the help of a questionnaire, data was accumulated. The data was analyzed using structural equation modelling (SEM) and Hayes' PROCESS macro test for mediation analysis. Planning for purchases has a solid and advantageous link with adhering to procurement regulations (ß 5 0.491, p 0.001). Compliance with procurement regulations is significantly and favourably correlated with VFM in procurement (ß 5 0.586, p 0.001). Additionally, the results demonstrate that procurement planning significantly improves the likelihood of success (ß 5 0.257, p 0.005). Additionally, the bootstrapping confidence intervals showed that procurement regulatory compliance primarily mediated the association between procurement planning and VFM in procurement. The geographical context in which the study was done limits it even though it successfully achieved its ultimate goal. Because each country has unique public procurement rules and regulations controlling procurement operations in the public sector, generalizing the study's findings should be done with caution. The report adds to the ongoing discussion on achieving VFM in procurement activities. By demonstrating the mediation effect of procurement regulation compliance on the pursuit of obtaining VFM in public procurement, the study contributes to the studies focused on public procurement.
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