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Contemporary Management Practices within the Public Sector
Finance & Accounting
Pages 112 (28112 words)
This paper views the compelling measuring outline for a public procurement from the perspective of a modern business and financial system. To create a sustainable and well-functioning framework it is essential to form a measuring outline that is both flexible and stable in nature…
A recent trend in the realms of business management shows that the public sector has shown a gradual shift in its operational perspective, with a greater focus on privatization, and an emphasis on cost saving and increasing efficiency. Comprehending the necessity of outsourcing large-scale work to the private sector for better economic growth and developments, many State governments have started the processes of public procurement, under prescribed directives and regulations created to regulate the process, as are seen in the Council Directives 93/37/EEC, 93/38/EEC and 93/36/EEC and their subsequent modified versions. This is also evident in the 41 USC Sec. 253 in the United States, where it is clearly stated that “an executive agency in conducting a procurement for property or services - (A) shall obtain full and open competition through the use of competitive procedures in accordance with the requirements this subchapter and the Federal Acquisition Regulation.”
The current importance of public procurement is seen in the increased governmental activity in “purchasing of goods and services,” for State requirements, through fair competitive auction -bidding, which accounts for 10% - 20% of the GDP of all the countries. A productive public procurement system decides the standard, scope, and extent, of a country’s infrastructural development and proffered public services towards its citizens, thus, making public procurement a primary issue within the agenda of a State’s economic development plan. ...
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