From the M-W Editors
Recent Examples of procurement from the Web
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And recent confidential state ethics reports allege breaches of procurement and hiring rules as Sheldon tapped a circle of Florida friends, former aides and lobbyists to help run the child welfare agency.
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Twenty years earlier, General Billy Mitchell had used an airplane to sink a battleship, but changing the trajectory of military thinking, and hence procurement, often requires changing a service’s viscous culture.
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The utilities commission has claimed that Edison’s solicitation and procurement of the Puente power plant met all legal requirements and that consideration of disparate treatment of people in surrounding areas was not required in this situation.
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And their investment abroad often leads more broadly to the procurement of U.S. goods and services.
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During the course of the winter, the company cut about 27 percent of its workforce and lost its chief financial officer, senior vice presidents of technology and brand management, vice president of procurement, and directors of product and growth.
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Assist the Special Events & Marketing Coordinator with volunteer coordination, auction & raffle procurement, marketing & promotions, catering, post event follow-up and much more.
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Currently, the Air Force owns the US military's space mission, including procurement of launches for military and intelligence payloads and the operation of major US launch facilities.
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The bill included a provision authorizing the procurement of up to six polar-class icebreakers.
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.
Law Dictionary
procurement
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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