A "major function of an organization that is responsible for acquisition of required materials, services, and equipment" refers to the concept of _______.

Question

Quizplus · Accepted Answer

The definition clearly refers to purchasing which involves the acquisition of materials, services, and equipment from suppliers. Sourcing is a broader concept that includes identifying potential suppliers and selecting the best ones for the organization. Supply management encompasses all activities related to managing the supply chain, including purchasing, sourcing, and logistics. Global sourcing refers specifically to sourcing from suppliers located in other countries.

A "Major Function of an Organization That Is Responsible for Acquisition