There Are Three Definitions to Aid Understanding of Some of the Similarities

question 13

Essay

There are three definitions to aid understanding of some of the similarities, differences, and linkages between purchasing, procurement, and strategic sourcing. Define them, and discuss the differences between the three.

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Definitions:

Expressly Authorized

Granted clear and definite permission or authority to do something, usually in a specific manner.

Master

An outdated term signifying an individual who has the right to control the physical conduct of a servant or employee.

Servant

An outdated term signifying a person employed to perform services in the affairs of another and who, with respect to the physical conduct in the performance of the service, is subject to the other’s right to control.

Agency Coupled

An agency relationship that cannot be easily terminated because it involves interests or benefits belonging to the agent.