Which of the following are the main stages of the procurement cycle?

The correct answer highlights the main stages of the procurement cycle, which are essential for effectively acquiring goods and services. Needs identification is the initial stage where the requirements of the organization are determined, ensuring that what is needed aligns with the organization's goals. This sets the direction for the entire procurement process.

Following this, the supplier selection stage involves identifying potential suppliers who can meet these needs. This is critical as choosing the right supplier lays the foundation for a successful procurement outcome. Once potential suppliers are identified, contract negotiation takes place. This stage is vital for establishing terms and conditions and ensuring that both parties have clear expectations, thus minimizing the potential for disputes later on.

Finally, the closure stage marks the completion of the procurement process, including the evaluation of supplier performance and achieving fulfillment of the contract terms. This comprehensive approach ensures that the procurement cycle is managed effectively and that outcomes are aligned with organizational needs and standards.

The other choices, while they contain elements relevant to procurement, do not encapsulate the core stages in a systematic manner that accurately represents the overall procurement cycle.