How do purchase and Procurement differs from each oth6

Question

Accepted Answer

Purchase is the act of buying goods or services while procurement is the process of acquiring goods or services.

Purchase is a transactional activity while procurement is a strategic process.
Purchase is a subset of procurement.
Procurement involves activities such as supplier selection, negotiation, and contract management.
Purchase involves placing orders, receiving goods, and making payments.
Procurement is a continuous process while purchase is a one-time activity.
Example: A company may purchase office supplies from a local store, but procurement involves sourcing raw materials from suppliers worldwide.

Popular interview questions of Supply Chain Management Associate