Asked by Nneka Onwualu on Jun 28, 2024
Verified
Terms such as purchasing,procurement,supply,and supply chain management are terms that are used almost interchangeably.
Supply Chain Management
The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer, aiming to reduce costs and improve efficiency.
Purchasing
The act of acquiring goods or services, often for business purposes, to fulfill the needs of an organization or individual.
Procurement
The process of obtaining goods, services, or works from an external source, often via a tendering or competitive bidding process.
- Identify the transformation of supply management from a transaction-based to a strategic role.
Verified Answer
ZK
Zybrea KnightJul 04, 2024
Final Answer :
True
Explanation :
Although there may be some subtle differences in their meanings, these terms are often used interchangeably when referring to the processes of acquiring goods and services for a business or organization.
Learning Objectives
- Identify the transformation of supply management from a transaction-based to a strategic role.