This document discusses procurement and inventory management. It defines procurement as obtaining goods and services from external suppliers to support business operations. The procurement process can be centralized, with one department handling all purchases, or decentralized, with each department managing its own. Key procurement staff include the chief buyer or procurement officer. Their duties include determining what to buy, how much, when, and from whom. The procurement department must liaise with other departments to understand their needs. It is also responsible for managing inventory by tracking stock levels and ensuring adequate supply. Maintaining accurate inventory records helps avoid stockouts and reduces obsolete stock.