Which of the following is NOT one of the three stages of procurement?

The correct response identifies that budgeting and forecasting is not considered one of the three fundamental stages of procurement. The three primary stages of procurement typically involve planning and scheduling, source selection (or purchasing), and contract administration.

Planning and scheduling involve determining what goods or services are needed, when they are needed, and how they will be acquired. This foundational step ensures that procurement aligns with organizational needs and timelines.

Source selection, or the purchasing stage, involves identifying suppliers, evaluating their proposals, and ultimately making the choice on which supplier will fulfill the requirements. This stage is critical as it impacts the quality, cost, and delivery of products or services.

Contract administration is the final stage where the agreement is monitored and managed to ensure compliance with terms, performance standards, and obligations, facilitating successful delivery and completion of the procurement process.

On the other hand, budgeting and forecasting, while essential in the overall financial management and planning of an organization, do not constitute a stage of the procurement process itself. Instead, they assist in guiding the procurement activities by outlining how much can be spent and predicting future needs. Thus, it serves an important role in the broader context of financial strategy but is not a core stage of procurement.