procurement

American  

[proh-kyoor-muhnt, pruh‑] / proʊˈkyʊər mənt, prə‑ /

noun

1. the act of procuring, or obtaining or getting by effort, care, or the use of special means.

   The organ procurement procedure is very complicated.

2. the act of obtaining equipment, materials, or supplies.

   The secretary of defense argued in favor of increasing the budget for procurement.

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Usage

What does procurement mean? Procurement most commonly refers to the formal, official process of purchasing and obtaining materials, supplies, or equipment, especially in the context of business or government.Many large companies and government agencies have a procurement department that handles the ordering and acquisition of supplies. Such a department is often simply referred to as procurement, as in You’ll have to ask procurement to order those materials. Procurement is the noun form of the verb procure. In general, procurement means the act of getting something, especially through special means or extra effort, as in The procurement of transplant organs is a complex process.Example: If someone says they work in procurement, it means they spend a lot of time navigating the supply chain to get what their company needs.

Other Word Forms

• nonprocurement noun
• self-procurement noun

Etymology

Origin of procurement

First recorded in 1300–50; procure ( def. ) + -ment ( def. )

Example Sentences

The new measures should also encourage leading drug distributors to organize retailers for joint procurement, expanding upstream bargaining power.

From The Wall Street Journal

Beijing has disclosed—and the Journal has previously reported—that many officers were buying and selling ranks, siphoning funds meant for arms procurement and improperly leasing military land for property projects.

From The Wall Street Journal

She added: "It's not good enough. I think there needs to be more investigation and scrutiny of how contracts are awarded and the whole procurement process. More due diligence is definitely required."

From BBC

He also said that unlike deals the EU has struck with other partners, there were no chapters on government procurement, on energy and raw materials, or on the liberalisation of investment in manufacturing sectors.

From Barron's

Fraudulent procurement practices could also have been a factor in the dockside-sinking of a prototype of a new Chinese submarine, the Pentagon said last year.

From The Wall Street Journal

Related Words

• acquisition