👉 The term "procurement" is a broad concept that encompasses the process of buying and selling goods or services from suppliers to customers. It can refer to any action that involves acquiring, managing, and transferring resources for business purposes. In the context of procurement, the terms "purchase," "order," "bid," "quote," and "contract" are often used interchangeably, but there is a distinction between them: 1.

Purchase:

This refers to the act of buying goods or services from

procurements