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Sourcing as the name suggests, it is a finding a source from where the goods and services can be procured. It is a subset of procurement.
Procurement is a formal process to obtain goods and services. It includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team.
Procurement is a complete systematic process that involves skillset, intelligence, decisions, agreements, contracts and standards that need to be implement in the process. Sourcing is a part of procurement.
Sourcing is basically the one component of procurement; wherein procurement is the entire process that involves different activities from sourcing to delivery. Sourcing can be described as generation of a contract and procurement as the execution of contract.
Procurement deals with the sourcing activities, negotiation and strategic selection of goods and services that are usually of importance to an organization.