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Question Description

Purchasing is the management of the acquisition process. This includes deciding which suppliers to use, negotiating terms and conditions, etc. It must satisfy the firm’s long-term needs and support the firm’s capabilities to produce goods and services. Elaborate on the purchasing function as part of supply chain management and its importance.

The globally connected economy and business environment requires adaption and agility for various supply chains. The business world integration of technology replaces traditional labor and an increase in the cost of materials, services, and good created the need to reassess purchasing roles and functions. (Carvalho & Cruz-Machado,