What procurement method involves requests for quotes on specific items from multiple sources?

The procurement method that involves gathering requests for quotes on specific items from multiple sources is informal, open market buying. This approach typically allows a purchaser to reach out to various suppliers to obtain pricing and availability for items without following a rigid formal bid process.

The informal nature of this method means it is generally used for smaller purchases or when a business needs to quickly obtain goods without the extended timeline required for formal bidding. It emphasizes flexibility and allows the buyer to engage with multiple suppliers to get the best price or terms. This method facilitates a faster procurement process and enables the buyer to tailor their needs more closely to the specific items they wish to acquire.

In contrast, formal competitive bid buying requires a specific process with detailed specifications, which is more structured and generally used for larger contracts or purchases. Future contracts involve agreements for future delivery of goods or services at pre-set prices, while JIT purchasing is a strategy focused on minimizing inventory by receiving goods only as they are needed in the production process.