Which goal of procurement emphasizes social and economic objectives?

The goal of procurement that emphasizes social and economic objectives is fostering competition. This approach not only seeks to achieve the best price and value through competitive processes but also encourages a diverse range of suppliers, which can lead to increased participation of small and minority-owned businesses in the procurement process.

By fostering competition, procurement practices can stimulate economic growth within communities, create job opportunities, and support social objectives related to equity and diversity. Furthermore, a competitive environment often drives innovation, leading to better products and services for consumers. By emphasizing competition, the procurement function can align with broader social and economic goals, such as improving community welfare and ensuring that public funds are used responsibly to benefit the maximum number of stakeholders.

In contrast, goals such as cost efficiency, quality improvement, and timeliness of delivery, while important, focus primarily on optimizing the procurement process itself rather than addressing the broader social and economic impacts that a competitive landscape can foster.