Procurement and Inventory
What procurement and inventory means
Buying and managing stock.
Before you start
Not confident yet? Work through Introduction to Supply Chain first.
Worked example
One question from this skill's own question bank, shown with its full working.
Procurement is the process of
- obtaining goods and services a business needs
- selling finished goods
- painting a shop
- hiring musicians
Working: Procurement sources the inputs a business requires.
Curriculum and exam alignment
Curriculum notes are a general guide to where this work normally sits. Always check the syllabus your school or examination body is currently using.
Related skills
Other Supply Chain Basics skills in Logistics & Supply Chain, at the same point in the course.
Other Logistics & Supply Chain topics
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Practise procurement and inventory
6 questions with a worked answer after every attempt, and a SmartScore that tracks how close you are to mastery.