GENERAL KNOWLEDGE

Detailed explanation-1: -Specifically, outsourcing refers to the procurement of selected value-adding activities, including production of intermediate goods or finished products, from external independent suppliers.

Detailed explanation-2: -The procurement of product or services from independent suppliers or company owned subsidiaries located abroad for consumption in the home country or third country. Also called global procurement or global purchasing.

Detailed explanation-3: -Global sourcing is a procurement strategy in which a business buys goods and services from international markets across geopolitical boundaries to save money by using cheap raw materials or skilled labor from low-cost countries.

Detailed explanation-4: -Procurement in a business is the act of sourcing suppliers and purchasing goods or services from those suppliers. It can include negotiating and bidding, contract management, and business spend management.

Detailed explanation-5: -Global procurement is one of the most important responsibilities of managing a supply chain. It is integral to a supply chain that truly spans the world. This is different from international procurement, which focuses on the purchasing and managing a cross-border supply chain between just two countries.