Question $12$

Procurement can be defined as:

the strategic approach and process used to secure needed inputs into the organization to create relevant value

the making of goods or wares by manual labor or by machinery, especially on a large scale

the part of supply chain management that plans, implements, and controls the efficient, effective forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customer's requirements

the component of supply chain management $($SCM$)$ involved with determining how best to fulfill the requirements created from the Demand Plan. Its objective is to balance supply and demand in a manner that achieves the financial and service objectives of the enterprise