CIPS Whole Life Asset Management (L4M7) Practice Test

Which statement best defines procurement?

Obtaining goods or services through a wider process that begins with identifying a need Only placing purchase orders with approved suppliers Moving finished goods from a warehouse to customers Recording supplier invoices after delivery

Correct Answer:

Obtaining goods or services through a wider process that begins with identifying a need

Explanation:

Procurement is the broader process of obtaining goods or services and includes activities before and after the purchase transaction, beginning with identification of need.

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