What is an example of sound business practices during procurement?

Periodic solicitation of price lists or quotes exemplifies sound business practices during procurement because it promotes a transparent and competitive purchasing environment. By regularly seeking updated quotations or price lists from various suppliers, organizations can ensure they are getting the best value for their money. This practice not only helps in maintaining cost-effectiveness but also encourages suppliers to offer competitive pricing.

Additionally, periodic solicitations allow organizations to keep abreast of market trends, changes in pricing, and the availability of new products or services. This information can be crucial for making informed decisions and optimizing procurement strategies. It fosters competition among suppliers and can lead to better deals, ensuring that an organization is not locked into outdated pricing or limited choices.

While the other options may have their place in procurement strategies, they do not emphasize the ongoing evaluation and fresh comparison of options as effectively as periodic solicitation does.