Procurement Basics: What Is Procurement?

Welcome to the “What Is Procurement?” lesson that outlines the four types of procurement and the guidance of the “five rights of procurement.” This lesson is the first of five in the “Procurement Basics” course, which explores how procurement should meet the needs of the business and the processes that surround production and inventory planning. After viewing this lesson, learners will understand how the five rights apply to the management of the procurement process.