Recent Examples of procurement from the Web
Or that they had been sold to the military under a no-bid contract by an auto company owned by a senior official in charge of procurement for Ukraine’s armed forces.
How long that will last will be unpredictable, given the fog of war and the politics of procurement.
But that will inevitably require the U.S. to moderate its original positions on this and other key issues like dispute panels, government procurement, and the five-year sunset clause.
Public charter schools are publicly funded but have more autonomy than traditional public schools in finance, personnel, scheduling, curriculum, instruction and procurement.
In any case, the program that does sign the No. 1 haul, according to the 247Sports Composite, will be rightfully lauded for its talent procurement during the 2018 cycle.
The town has since hired a full-time engineer and adopted a revised procurement ordinance.
Silva, 57, had headed the procurement division since 2013.
The company centralized management and parts procurement; those, too, failed disastrously.
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.
legal Definition of procurement
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).