PROCUREMENT Meaning and
Definition
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Procurement is the process of obtaining goods, services, or works from an external source, typically through purchasing or acquisition. It involves evaluating the requirements of an organization and identifying potential suppliers or vendors who can fulfill those needs. The objective of procurement is to secure the necessary resources in order to meet the organization's goals and objectives efficiently.
The procurement process typically involves several stages, including identifying the need for a particular item or service, conducting market research to identify potential suppliers, issuing a request for proposal or quotation, evaluating the responses from suppliers, negotiating contract terms and conditions, and ultimately selecting the most suitable supplier. Throughout this process, procurement professionals are responsible for ensuring that the goods or services obtained meet the quality, quantity, and price requirements of the organization.
Procurement is an essential function within organizations, as it plays a vital role in managing costs, mitigating risks, and ensuring compliance with legal and regulatory requirements. Effective procurement practices can contribute to improved efficiency and competitiveness, as well as enhanced relationships with suppliers. Furthermore, a well-managed procurement function can contribute to the overall strategic objectives of an organization, including sustainability, innovation, and supplier diversity.
Overall, procurement is the systematic and strategic process of acquiring the necessary goods, services, or works to support the operations and objectives of an organization.
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The act of procuring or obtaining.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for PROCUREMENT *
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Other Common Misspellings for PROCUREMENT
Etymology of PROCUREMENT
The word "procurement" is derived from the Latin word "procurare", which means "to take care of" or "to manage". It is a combination of the prefix "pro" (meaning "forward" or "on behalf of") and the verb "curare" (meaning "to care" or "to provide"). Over time, the term "procurare" evolved into "procure" in Old French and eventually into "procurement" in English.
Similar spelling words for PROCUREMENT
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