Answer to Question 1
The procurement process refers to the way business firms purchase the goods they need to produce the goods they will ultimately sell to consumers. Firms purchase goods from a set of suppliers that in turn purchase their inputs from another set of suppliers. These firms are linked in a series of connected transactions. The supply chain refers to this series of transactions, which links sets of firms that do business with each other. It includes not only the firms themselves but also the relationships between them and the processes that connect them. There are seven steps in the procurement process: searching for suppliers for specific products; qualifying the sellers and the products they sell; negotiating prices; credit terms, escrow requirements, quality, and scheduling delivery; issuing purchase orders; sending invoices; goods are shipped; and the buyer sends a payment. Each step is composed of separate substeps that must be recorded in the information systems of the buyer, seller, and shipper.
Answer to Question 2
The term supply chain visibility refers to the ability of a firm to monitor the output of its first and second tier suppliers, track and manage supplier orders, and manage transportation and logistics suppliers who are moving the products. When a supply chain is visible, you know when suppliers' products will arrive and you have accurate tracking of your goods. The benefit of a visible supply chain is that the firm can produce accurate production schedules and develop more accurate financial forecasts.
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Answer the following short answer, please show your steps and include the formulas used