What Does Procurement Mean?


Procurement is the process of acquiring works, services and goods covering both acquisitions from in-house providers and from third parties. Procurement can also mean the purchase of service or merchandise at the optimum cost in the correct quality and amount.
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Ask.com Answer for: what does procurement mean
[proh-kyoor-muhnt, pruh‐]
the act of procuring, or obtaining or getting by effort, care, or the use of special means: The organ procurement procedure is very complicated.
the act of obtaining equipment, materials, or supplies: The secretary of defense argued in favor of increasing the budget for procurement.
Source: Dictionary.com
Procurement is the process of acquiring supplies, works and services, covering both acquisitions from third parties and from in-house providers. The process spans the initial concept through to the end of a services contract or the end of the useful life of an asset.
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