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What is the difference between; Purchasing, Buying, Procurement and Sourcing?

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Question added by هاني محمد محروس , Management Professional , المشرق
Date Posted: 2014/07/31
wael ghonim
by wael ghonim , spacialist , Miraco- Carrier

Purchase - its a part of procurement- Its a process of scheduling and follow the items. 

Ex - i purchased a pen - which means i gave money and inturn got pen from shop.

While procurement - its starts from selecting the supplier( after proper valuation ), negotiating, fixing in co terms, forecasting, process evaluation.

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