Meaning & Definition of word "Procurement"

Procurement

/prəˈkjʊərmənt/

1. The action of obtaining or procuring something.
- Example: The procurement of raw materials is critical for our manufacturing process.
2. The process of acquiring goods, services, or works from an external source.
- Example: The company has a dedicated team for the procurement of software solutions.
3. The act of obtaining supplies or services through various means, often related to business or government.
- Example: Their procurement policies ensure that all purchases are made in compliance with legal regulations.
4. The acquisition of property or equipment for organizational use.
- Example: Effective procurement strategies can lead to significant cost savings for the organization.
5. A term commonly used in government or corporate contexts to refer to the purchasing process.
- Example: The procurement department is responsible for negotiating contracts with suppliers.

Late Middle English: from Latin procuramentum, from procurare 'to take care of'.

public procurement:

The process by which governments and public sector organizations purchase goods and services.

procurement policy:

The set of guidelines that governs purchasing decisions within an organization.

strategic procurement:

A method of procurement that focuses on long-term value rather than just the initial costs.

purchase:

The act of buying something.

supply chain:

The entire system of production, processing, and delivery of goods.

contract:

A formal agreement between parties.

Meaning: Getting the goods.

Example Sentence: We're all about procuring the right tools for the job.

Meaning: Sourcing stuff.

Example Sentence: Let's just do some quick procurement this afternoon.