Procurement
Acquisition of goods and services
Procurement
Procurement is the commercial process of purchasing goods, services, or other works from external sources, and agreeing the terms on which they will be supplied. Major procurement activity may involve the use of a tendering or competitive bidding process. When a government agency buys goods or services through this practice, it is referred to as government procurement or public procurement. Those who work in procurement tend to be known as procurement agents or purchasing agents. The term "procure" may also refer to a contractual obligation to "procure" something, i.e. to "ensure" that the thing is done. As an organizational process, procurement is intended to ensure that the buying organization receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to...
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