What Does PSM Stand For?
PSM stands for Procurement And Subcontract Management
PSM, or Procurement and Subcontract Management, refers to the systematic processes and practices involved in acquiring goods and services from suppliers, as well as managing relationships and contractual obligations with subcontractors. This discipline focuses on ensuring efficient procurement activities, optimizing resource allocation, minimizing risks, and maintaining compliance with regulations and organizational policies. PSM plays a crucial role in enhancing operational efficiency, cost-effectiveness, and fostering strategic partnerships within the supply chain.
Added on 14th April 2008 | Last edited on 16th June 2025 | Edit Acronym