Definition, Meaning & Synonyms

procurement

Noun

/prəˈkjʊr.mənt/

Definition

The process of acquiring goods, services, or works from external sources.

Examples

The procurement of new office supplies is needed for the upcoming project.
The company’s procurement process ensures that all purchases are made efficiently and cost-effectively.
She works in the procurement department, where she manages supplier relationships.

Meaning

Procurement refers to the actions taken by an organization or individual to obtain the necessary resources required for operations, often involving selecting suppliers and negotiating contracts.