PROCUREMENT

Procurement

Procurement is the acquisition of goods, services or works from an external source. It is favourable that the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the purchaser in terms of quality and quantity, time, and location. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing exposure to fraud and collusion.

The above text is a snippet from Wikipedia: Procurement
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procurement

Noun

  1. The purchasing department of a company.
  2. The act of procuring or obtaining; obtainment; attainment.
    He was responsible for the procurement of materials and supplies.
    I have a lot of experience in the procurement of construction materials and sub-contracts.
  3. Efficient contrivance; management; agency.
    They think it done by her procurement. -Dryden.


The above text is a snippet from Wiktionary: procurement
and as such is available under the Creative Commons Attribution/Share-Alike License.

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