Which procurement method involves purchasing goods at a specific price to be shipped later?

The correct choice pertains to future contracts, a procurement method where goods are purchased at an agreed-upon price for delivery at a later date. This concept is widely utilized in various industries, allowing buyers to lock in prices for commodities and goods, thus providing an advantage against market volatility. By securing a price in advance, organizations can budget and plan their finances more effectively, while also mitigating the risk of potential price increases that may occur before the actual delivery of goods.

The emphasis on the agreement of price and timing sets future contracts apart from other procurement methods. In contrast, Just-In-Time purchasing focuses on acquiring goods as they are needed to minimize inventory costs. Group/co-op purchasing is about pooling resources with other entities to gain better pricing on bulk orders. Prime vending usually involves establishing a primary vendor relationship that can supply a wide range of products at negotiated prices, but does not inherently involve the future delivery aspect specified in the question. Thus, future contracts distinctly fulfill the criteria of purchasing goods at a set price for delivery later, making it the appropriate choice.