XYZ Corporation is a medium$-$sized manufacturing company that specializes in

producing electronic components. Over the years, the company has experienced

growth and expansion, leading to an increased demand for various raw materials,

components, and services. However, the procurement processes within the organization have not evolved to accommodate these changes. As a result, there have

been instances of delays in sourcing materials, inconsistent purchase practices, and

potential cost inefficiencies. Evaluate the current purchase policy and procedures at

XYZ Corporation and recommend improvements to the purchase policy and

procedures that could lead to more streamlined and effective procurement processes.

Also, Identify and describe the various requisition types that XYZ Corporation might

encounter in its procurement operations by explaining the importance of categorizing

requisition types and how it can help in better procurement planning and execution.

Lastly, propose a step$-$by$-$step process for issuing an RFx for XYZ Corporation to

ensure effective supplier selection and negotiation.