Many Private Companies Use the Term Procurement Instead of Purchasing

question 12

True/False

Many private companies use the term procurement instead of purchasing.

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Definitions:

Benefits

Advantages or positive outcomes that result from a specific action, policy, or product, which contribute to the well-being or satisfaction of individuals.

Safety Features

Elements or devices designed to minimize risk and protect against accidents or harm in products, vehicles, or environments.

Service Record

Documentation or history of the performance, maintenance, and repairs of equipment or of an individual's service in an organization.

Leasing Arrangements

Agreements where one party grants another the use of an asset for a specified period of time, in exchange for regular payments.