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What Is the Difference Between "Procurement" and "Purchase"?

In: Business and Management

Submitted By suchoj10
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There is a broad range of concepts in the bibliography referring to Procurement and purchasing. Here below you could find a summary of some of this concepts as well as some different point of view.
Procurement Purchase Source

Is considered as the function responsibly to acquire all items or materials needed by an organization Is part of procurement in charge of buying all items and material for an organization, often it is use as synonym of procurement. (n. d.)

Glossary of Inventory Management Terms

It is a business function responsibly for several activities such as planning, purchasing, inventory control, traffic, receiving, incoming inspection, and rescue operations. It could be seen as a synonym of purchasing. It Is the function specifically associated with buying the goods and services required by the organization.

Often could be understood as purchasing however procurement is the totality of acquisition starting from the identification or a requirement to the disposal of that requirement at the end of its life. Its functions may include pre contract activities supplier relationship and sourcing but it does not include logistic functions, such as storage, or transport. Could be used as the same meaning of procurement but it refers specifically to acquire goods, work or services, from suppliers. It is a component function of Procurement that is wider concept. Its function may include ordering, expediting, receipt and payment.
The Chartered Institute of Purchasing & Supply (n. d)

In the public sector it can be seen as function responsible of the acquisition of material and equipments without this necessarily means to buy. It could be used either in profit or nonprofit organizations. The objective is to buy goods through a fair...

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