ENTREPRENEURSHIP

Detailed explanation-1: -What is Procurement? The act of obtaining merchandise, capital equipment; raw materials, services, or maintenance, repair, and operating (MRO) supplies in exchange for money or its equivalent. Two Categories: 1.

Detailed explanation-2: -What is MRO? MRO (Maintenance, Repair and Operations) is an umbrella term covering all maintenance parts used for repairs or to support production operations. Whilst they are classed as indirect purchases, this procurement category plays an essential role in day-to-day operations.

Detailed explanation-3: -Supply management is the act of identifying, acquiring, and managing resources and suppliers that are essential to the operations of an organization. It includes the purchase of physical goods, information, services, and any other necessary resources that enable a company to continue operating and growing.

Detailed explanation-4: -The objective of purchasing management is to buy the required materials at the best possible price and quality while ensuring timely delivery. Warehouse management involves the storage and handling of materials, as well as the management of the physical movement of goods within a warehouse.