Sri Vijaya Puram, Feb 20: Procurement is now recognized as a strategic tool for achieving developmental, social and environmental objectives of governments, rather than using it as a tool for mere compliance with rules and regulation. Since public funds are being spent on public procurement for which specific rules and procedures have been framed therefore, the executives, officers and staff engaged in procurement have thorough knowledge of all the relevant rules, regulations and procedures of public procurement. Good Financial Management is essential for an organization to succeed. It helps in making effective use of resources, fulfil commitments to stakeholders, gain competitive advantage and prepare for long-term financial stability to accomplish the objectives of the organization.