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Acquisition
Process of obtaining goods and services
Procurement
Encompasses the full process of acquiring goods and services, including all preceding steps
Purchase Options an org might use
Company credit card
Individual purchase
Use of purchase orders
Company credit card
Good for small purchases that must be made quickly; Employees are just able to purchase directly via company’s funds
Individual purchase
Employees buy on their company’s behalf and then later seek reimbursement
Use of purchase orders
Formal document that the financial department gives that says they will pay us for buying stuff within X days