Chapter 13 - Sourcing materials and Services Flashcards
1
Q
How is Purchasing defined?
A
The transactional function of buying products and services. In a business setting, this commonly involves the placement and processing of a purchase order.
2
Q
What is Procurement?
A
The process of managing a board range of processes associated with a firm’s need to acquire goods and services required to manufacture a product (direct) or to operate the organization (indirect).
