MANAGEMENT

Detailed explanation-1: -Answer and Explanation: The above statement is True.

Detailed explanation-2: -Although often used interchangeably, purchasing and procurement are not the same . Purchasing is a part of a broader procurement function and has different methods and goals. Apart from purchasing, procurement also comprises need identification, supplier, and contract management.

Detailed explanation-3: -The terms procurement, purchasing, sourcing and supply chain are often used interchangeably. However, there are important distinctions between them.

Detailed explanation-4: -Purchasing is the process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary greatly between organizations.

Detailed explanation-5: -What is Purchasing? Purchasing is the organized acquisition of goods and services on behalf of the buying entity. Purchasing activities are needed to ensure that needed items are obtained in a timely manner and at a reasonable cost.