MANAGEMENT

Detailed explanation-1: -Procurement is the process of finding and agreeing to the terms of a purchase. It includes identifying potential suppliers, negotiating contracts, and selecting the supplier that offers the best value for money. Purchasing is the actual act of buying goods and services.

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: -Procurement categories are groupings of similar goods or services with common supply and demand drivers and suppliers. Example: A pen is a good whereas stationery could be the procurement category. A procurement category can be defined at any level above a single procurement.

Detailed explanation-4: -As you already know, equipment procurement is the process of finding and purchasing the tools your company needs to operate effectively. This process aims to reduce your overhead by seeing what you need and working with the equipment you already have in-house.