What is procurement?
A) The purchasing of goods and services to meet the needs of the supply chain
B) Includes the processes that control the distribution, maintenance, and replacement of materials and personnel to support the supply chain
C) Includes activities that govern the flow of tangible, physical materials through the supply chain such as shipping, transport, distribution, and warehousing
D) Occurs when distorted product-demand information ripples from one partner to the next throughout the supply chain

Question

Quizplus · Accepted Answer

Procurement specifically refers to the process of obtaining goods and services to fulfill the requirements of a business or organization's supply chain. It involves activities such as selecting vendors, establishing payment terms, strategic vetting, selection, the negotiation of contracts, and actual purchasing of goods. It does not encompass the broader supply chain management activities like distribution, maintenance, or the phenomenon of demand distortion.

What Is Procurement