PROCUREMENTS Meaning and
Definition
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Procurements refers to the process of acquiring goods, services, or works from an external source in a systematic and organized manner. It involves different steps such as identification of procurement needs, supplier selection, negotiation, and the ultimate purchase or acquisition of the desired products or services.
In the context of business and organizations, procurement is an essential function that encompasses activities aimed at sourcing and securing the necessary resources to support operations. This can include both tangible items like raw materials, equipment, or finished goods, as well as intangible assets such as services, consultancy, or intellectual property.
Procurements are typically governed by specific rules and regulations, which may vary depending on the industry and jurisdiction. These rules often aim to ensure fairness, transparency, competition, and efficiency in the acquisition process. Additionally, procurement processes are often guided by factors such as cost-effectiveness, quality, delivery time, and sustainability.
Various stakeholders are typically involved in procurements, including procurement professionals, supply chain managers, project managers, finance departments, and legal teams. Together, these different entities collaborate to define requirements, evaluate potential suppliers, negotiate contracts, and manage ongoing relationships with vendors.
Overall, procurements are crucial for organizations to obtain the necessary resources to fulfill their objectives and deliver value to their customers or clients. Effective procurement practices can lead to cost savings, increased competitiveness, enhanced operational efficiency, and improved customer satisfaction.
Common Misspellings for PROCUREMENTS
- orocurements
- lrocurements
- -rocurements
- 0rocurements
- peocurements
- pdocurements
- pfocurements
- ptocurements
- p5ocurements
- p4ocurements
- pricurements
- prkcurements
- prlcurements
- prpcurements
- pr0curements
- pr9curements
- proxurements
- provurements
- profurements
Etymology of PROCUREMENTS
The word "procurements" originates from the verb "procure", which has its roots in Latin and Old French. The etymology of "procure" is as follows:
1. Latin: The Latin term "procurare" means "to take care of", "to manage", or "to provide". It is derived from "pro" (for) and "cura" (care).
2. Old French: During the Middle Ages, the Old French word "procure" emerged, retaining the original Latin sense of "to take care of" or "to manage".
Over time, the noun form "procurement" was derived from "procure", referring to the act or process of obtaining or acquiring something. By adding the plural suffix "-s" to "procurement", we arrive at the noun "procurements", indicating multiple instances or examples of procurement.
Similar spelling words for PROCUREMENTS
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