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There are a number of people who use the terms Procurement and Purchasing interchangeably. But though their meanings might be similar but they are definitely not the same. So it is very important to understand the meanings of both these words.
What is Procurement?
The process of selecting the vendors, deciding on the payment terms, contract negotiation and the actual purchase of goods is called Procurement. If you have to do an assignment on this topic it is very important to take Purchasing/Procurement Process Homework Help. Procurement is basically an umbrella and purchasing basically falls under the umbrella of procurement.
Often students get confused with the real meaning of procurement and as a result of this our tutors in myhomeworkhelp.com try to explain the real meaning of the procurement process.
The different steps of the procurement process
Following all these steps for the purpose of procurement might be quite an extensive process. However the time that will be required in this case will depend on the organization. If you are involved with the procurement in a big organization then you might require a lot of time. But if you are associated with a small company then the Procurement process might not take so much of time.
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