Word
procurement
Procurement is the process of obtaining goods or services, especially for a business or government organization.
Meanings
the process of buying or obtaining goods and services for an organization
the department or team responsible for purchasing and supplier management
Definition
Procurement is how an organization buys what it needs, such as supplies, equipment, or services. It often includes planning, selecting suppliers, negotiating prices, and managing contracts. Many organizations use formal rules to make procurement fair, efficient, and cost-effective.
Examples
- The company improved procurement to reduce costs.
- Procurement takes longer when there are strict approval steps.
- She works in procurement for a large hospital.
- Public procurement must follow clear rules and procedures.
Common mistake
Learners often confuse procurement with production, but procurement is about buying/obtaining, not making goods.
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