ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What does procurement refer to?
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Procurement means getting products to the customer in a time efficient manner
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Procurement refers to getting the highest quality products available
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Procurement means getting the right supplies from the right supplier, at the right price
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None of the above
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Explanation:
Detailed explanation-1: -Procurement is obtaining or purchasing goods or services, typically for business purposes. Procurement is most commonly associated with businesses because companies must solicit services or purchase goods, usually on a relatively large scale.
Detailed explanation-2: -To recap, procurement is the process of acquiring the supplies you need to run your business operations. On the other hand, supply chain management encompasses how those supplies are transformed into finished products and delivered to the end-users.
Detailed explanation-3: -Purchasing is the task of buying goods of right quality in the right quantities at the right time and at the right price.
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