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procurement

[prəˈkjʊəmənt]

procurement Definition

  • 1the process of obtaining goods or services, especially for business purposes
  • 2the act of obtaining something

Using procurement: Examples

Take a moment to familiarize yourself with how "procurement" can be used in various situations through the following examples!

  • Example

    The procurement department is responsible for sourcing and purchasing materials.

  • Example

    The company's procurement policy emphasizes sustainability and ethical sourcing.

  • Example

    The procurement of new equipment will require additional funding.

procurement Synonyms and Antonyms

Synonyms for procurement

Antonyms for procurement

Phrases with procurement

  • the process by which government agencies purchase goods and services from private companies

    Example

    The public procurement process is subject to strict regulations and oversight.

  • the act of obtaining goods or services through deception or illegal means

    Example

    The company was investigated for procurement fraud after it was discovered that they had falsified documents to win a contract.

  • an employee responsible for managing the procurement process within an organization

    Example

    The procurement officer is in charge of negotiating contracts with suppliers.

Origins of procurement

from Old French 'procurer', meaning 'to acquire'

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Summary: procurement in Brief

The term 'procurement' [prəˈkjʊəmənt] refers to the process of obtaining goods or services, especially for business purposes. It can also refer to the act of obtaining something. Examples of procurement include sourcing and purchasing materials, emphasizing sustainability and ethical sourcing, and requiring additional funding for new equipment. Phrases like 'public procurement' and 'procurement fraud' denote specific contexts within the procurement process.