Recent Examples of procurement from the Web
In fact, under Trump’s watch, Amazon secured a change to federal procurement laws that will allow the Defense Department to purchase all commercial items on the Amazon marketplace.
Community Track Judges Nikka Copeland is a senior vice president, finance at World Fuel Services, responsible for finance, mergers and acquisitions, procurement and business administration.
Besides speeding up the lengthy procurement process, Army leaders want to get rid of layers of bureaucracy that can eat away at the military’s competitive edge.
Mike, who years ago might be called a scalper but today would be described as a ticket procurement specialist, had a fistful of tickets in his hand.
The free seminar held today gave business owners a chance to hold face-to-face meetings with the agency's procurement decision makers.
After the company made a similar legal challenge to the Navy, officials agreed to revamp its technology procurement process last year.
The Arizona Attorney General's Office is investigating procurement practices for school renovations in the Scottsdale Unified School District.
But experts say Trump shouldn't appear to choose any prototype as his favorite, for fear of seeming to influence the rigid procurement process.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'procurement.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of procurement
Financial Definition of PROCUREMENT
What It Is
Procurement is a purchasing process that controls quantity, quality, sourcing and timing to ensure the best possible total cost of ownership.
How It Works
Procurement may be a simple purchasing arrangement with a supplier. It may also involve a more complex arrangement with the seller or a group of suppliers that ties required quantity, quality, and delivery into a production process.
The stages of procurement include information gathering (i.e. who are potential suppliers), supplier contacts (i.e. gathering information about the potential suppliers, background reviews (i.e. vetting, screening, checking references of potential suppliers), negotiations (i.e. setting the price and terms), fulfillment (i.e. delivery and installation), consumption, maintenance, and disposal (i.e. monitoring the actual delivery and use of the supplies or equipment), and renewal (i.e. reorders and continuing relationship with the supplier).
For example, direct procurement systems involve the integration of purchasing into a company's supply-chain management system, delivering the right supplies at the right time. This procurement method is classified in manufacturing systems as "just-in-time," which minimizes inventory holding costs and ensures the smooth delivery of supplies needed in the manufacturing process.
Why It Matters
Primarily, a procurement process ensures that the company's purchasing is competitive, fair, and provides the best possible prices available in the market. Because of the efficiencies gained through a formal procurement process, procurement is an important systems component in a company's overall management structure. Some problems on a company's cash flow and balance sheet can be traced to problems with procurement, including holding supplies and inventory too long and having the terms of payables for supplies not matched to their respective receivables.
Seen and Heard
What made you want to look up procurement? Please tell us where you read or heard it (including the quote, if possible).