Definition of Procurement:
Procurement is usually associated with the final purchase process, but it can also cover the entire procurement process, which can be important for companies until the final purchase decision is made. . Companies on both sides of the acquisition process can be represented as buyers or sellers, although our main focus here is on the bidder.
The act of getting or receiving something.
Acquisition is usually the acquisition of goods or services for commercial purposes. Purchases are primarily business-related because companies need to request services or buy goods, usually on a relatively large scale.
The act of obtaining or purchasing goods and services. This process involves the preparation and processing of the order, as well as the final acceptance and approval of payments. This includes (1) purchase planning, (2) setting standards, (3) developing specifications, (4) awarding contracts and selection of suppliers, (5) value analysis, (6) financing 7) Conversation. Prices, (8) purchase decisions, (9) supply contract management, (10) inventory and business control, and (11) scheduling and other related functions. The acquisition process is usually part of the company's strategy as the ability to purchase certain materials will be determined by whether the operation will continue or not. No company can survive if the purchase price exceeds the profit from the sale of the actual product.
Synonyms of Procurement
Acquiring, ■■■■■■■ out, Obtainment, Appropriation, Obtention, Obtaining, Supplying, Moneygrubbing, Addition, Accession, Finding, Attainment, Dragging down, Purveyance, Acquisition, Supply, Furnishment, Collection, Procurement, Subsidy, Armament, Coming by, Resupply, Securement, Subvention, Procurance, Procuration, Collecting, Equipment, Moneygetting, Amassing, Procural, Victualing, Endowment, Winning, Providing, Provision, Accouterment, Procuring, Earnings, Acquirement, Gaining, Catering, Moneymaking, Outfitting, Retailing, Reinforcement, Getting, Logistics, Chandlery, Provisioning, Furnishing, Attainment, Getting hold of, Subsidization, Investment, Replenishment, Preparation, Gaining, Trover, Making, Gain, Selling
How to use Procurement in a sentence?
- The accountant said that the purchase budget should be increased so that new goods would be available for the quarter.
- This employee uses the acquisition process of his company to find new suppliers who will buy paper at a lower price than the previous supplier.
- The restaurant has a new employee whose only job is to buy the latest, cheapest ingredients.
- Financial assistance for legal advice.
- Government procurement requires payment preparation, application and processing, which typically affects many areas of business.
- Contracts are the process of purchasing goods or services and usually refer to commercial costs.
- Bidding is usually part of a large-scale procurement process involving multiple bidders.
- Acquisition costs can be divided into different categories depending on the acquisition requirements.
Meaning of Procurement & Procurement Definition