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Of Purchasing Terms Form

Of Purchasing Terms Form

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hi welcome to education leaves in this video i am going to discuss the difference between procurement and purchasing let's start the video procurement and purchasing are the two terms that are often used interchangeably if you ask a layman about the difference you may get a reply that purchasing and procurement are one and the same but if you ask the same question to a manager you'll get a significantly longer answer as to how and why there's a world of differences between purchasing and procurement let's discuss what is procurement procurement refers to the process of identifying shortlisting selecting and acquiring suitable goods or services from a third-party vendor through direct purchase competitive bidding or tendering process while ensuring timely delivery of the right quality and quantity what is purchasing purchasing is the set of functions associated with acquiring the goods and services that an organization requires purchasing is a small subset of the broader procurement fun

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