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Recent Examples of procurement from the Web
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The roughly 70 headquarters employees manage administration, accounting, engineering, computer support and procurement.
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The theft allegations in Fight's lawsuit were always a matter of public record, but the suit did not detail the scope of the problem within the agency's procurement and maintenance departments.
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And the law increases to 6 percent from 4 percent of total load, or the amount of electricity that Connecticut consumes, procurement of power from fuel cells for the energy grid.
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Kuzmenko combs through the tenders line-by-line as soon as the municipality posts them on the public procurement website.
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In Michigan, almost 16% of the 320 donors whose organs were harvested last year died from drug overdose, according to Gift of Life Michigan, the state's organ procurement agency.
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While the Air Force is now moving forward with the procurement for new wings, some of the 112 aircraft slated to benefit from the upgrade program will likely have to be pulled from service long before the first wing sets are delivered.
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Faber expects to be able to announce that a procurement platform has been finalized by the end of the year.
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The proposal will also cover improvements to buses and paratransit services and could depend on changes to labor and procurement rules so that the work could be done more quickly.
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
14th century
Financial Definition of PROCUREMENT
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.
Source: Investing Answers
Law Dictionary
procurement
noun
pro·cure·ment
legal Definition of procurement
1
: the act of procuring
2
: the purchasing, leasing, renting, or selling of materials, services, equipment, or construction
Learn More about procurement
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See words that rhyme with procurement Spanish Central: Translation of procurement Nglish: Translation of procurement for Spanish speakers Britannica English: Translation of procurement for Arabic speakers
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