Which of the following better explains 'Procurement'?
A) A focus on price versus functionality.
B) A focus on the total cost of ownership (TCO).
C) Its orientation is commercial.
D) its scope is the purchasing process.

Question

Which of the following better explains 'Procurement'? 
A) A focus on price versus functionality. 
B) A focus on the total cost of ownership (TCO). 
C) Its orientation is commercial. 
D) its scope is the purchasing process.

Quizplus · Accepted Answer

Procurement is focused on the total cost of ownership, which includes the cost of acquiring goods or services as well as ongoing maintenance and support costs. It goes beyond just focusing on price and includes considerations such as quality, reliability, and sustainability.

Which of the Following Better Explains 'Procurement