Recent Examples of procurement from the Web
Each and every procurement scenario required several signatures.
But states, cities, and companies make their own climate-change policy through laws, policies, standards, or procurement decisions.
New Deal bureaucrats and labor activists denounced the appointments, but despite all the procurement contracts, all the millions spent, there was hardly a whiff of scandal.
In March 2016, the Government Accountability Office reported that total program acquisition costs will be about $97 billion, including $12 billion for research and development and $85.1 billion for procurement.
Clothes, Fruit On government procurement, the U.S. is proposing to cap its market for contracts at a dollar-for-dollar level with the combined Canada-Mexico market, according to the three officials.
And, most recently, the city paid $471,878.06 in the fiscal year ending June 31, 2017, according to data from the city’s procurement services department.
The actual total amount of the deal with the Army depends on military requirements and funding, as well as government procurement regulations and other factors controlled by the Army and the Department of Defense, the company said.
Sheldon also was criticized for sidestepping department policy by contracting a firm to produce public service announcements without consulting procurement and contracting staff first, according to the case document.
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).