Asked by Tyler Thompson on Apr 25, 2024
Verified
Procurement is a subset of the purchasing process.
Procurement
The process of finding, acquiring, and buying goods, services, or works from an external source, often involving tendering or competitive bidding.
Purchasing Process
The purchasing process is a series of steps that businesses follow to acquire goods and services, encompassing identification of need, supplier selection, and transaction completion.
- Distinguish between procurement and purchasing in the digital marketplace.
Verified Answer
NS
Navdeep Singh8 days ago
Final Answer :
False
Explanation :
Purchasing is actually a subset of the broader procurement process, which includes activities such as selecting vendors, establishing payment terms, strategic vetting, negotiation, and buying goods. Purchasing is the transaction phase of the process.
Learning Objectives
- Distinguish between procurement and purchasing in the digital marketplace.
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