Asked by Tyler Thompson on Apr 25, 2024
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.
Learning Objectives
- Distinguish between procurement and purchasing in the digital marketplace.
Related questions
Purchasing Is a Subset of the Procurement Process
The ___ Process Originates When a Company Needs to Acquire ...
An Advantage of E-Sourcing and E-Procurement Is That There Is ...
In the Implement Sourcing Strategy Step, the Most Important Thing ...
There Are Three Definitions to Aid Understanding of Some of ...