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If we look from the manufacturer to consumer what is the best answer to this question in the context of supply chain management?
(1) purchase planning, (2) standards determination, (3) specifications development, (4) supplier research and selection, (5) value analysis, (6) financing, (7) price negotiation, (8) making the purchase, (9) supply contract administration, (10) inventory control and stores, and (11) disposals and other related functions.
The process of procurement is often part of a company's strategy because the ability to purchase certain materials will determine if operations will continue. A business will not be able to survive if it's price of procurement is more than the profit it makes on selling the actual product.
Purchase is a part of procurement.
Procurement involves
- Negotiations
- Contract Awarding
- Purchasing
- Vendor/ Inventory Management
- Vendor performance management
Procurement involves the process of selecting vendors, establishing payment terms, strategic vetting, selection, the negotiation of contracts and actual purchasing of goods.
Purchasing is a part of procurement.
Procurement deals with the sourcing activities, negotiation and strategic selection of goods and services that are usually of importance to an organization. Purchasing is the process of how goods and services are ordered
