Procurement and purchasing are viewed as synonymous terms.

Name: Procurement and purchasing are viewed as synonymous terms.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Procurement and purchasing are often used interchangeably, but technically procurement refers to the entire process of acquiring goods or services, including planning and budgeting, while purchasing specifically refers to the act of ordering and receiving goods or services. However, in practical terms, the two terms are often used interchangeably in many organizations.

Procurement and Purchasing Are Viewed as Synonymous Terms