Which stage in the procurement process involves outlining requirements and advertising the contract?

The stage in the procurement process that involves outlining requirements and advertising the contract is accurately identified as the tender specification phase. During this stage, the project team works to define the precise needs of the project, including technical requirements, delivery schedules, and any specific standards that must be met by potential suppliers.

By articulating these requirements clearly, the organization ensures that bidders understand what is expected, thus enabling them to prepare accurate and competitive proposals. Advertising the contract is a critical part of this stage as it invites suppliers to participate in the bidding process, ensuring that a wide variety of options are available for consideration. This element is essential for achieving competitive pricing and high-quality deliverables.

While tender selection focuses on evaluating bids, and tender award refers to the final selection of a supplier, contract negotiation involves finalizing terms with the chosen supplier after the award. Each of these processes comes after the initial tender specification stage, which lays the groundwork for a successful procurement process.