People use the terms interchangeably: Purchasing and Procurement

Many people use the terms purchasing and procurement interchangeably but despite their similarities, they do have different meanings. Let’s define them and clarify any confusion on the differences

Purchasing: Purchasing
is a set of activity involved to acquire materials, equipment and services.
Purchasing involves tasks such as issuing purchase orders, receiving the goods
or services and arranging payment to the suppliers. Although there are several
organizations that attempt to set standards in the purchasing process, and it
can vary between organizations.