Procurement ( noun , verb )

(As a noun)

Procurement ( noun )

The act or process of obtaining or acquiring goods or services, typically for a business or organization.

Origin:

From the latin procurare, meaning 'to take care of' or 'to manage'.

Examples:

1. The procurement of the new office supplies was completed efficiently and within budget.
2. The procurement department is responsible for acquiring all the necessary materials for the construction project.
3. The company has a strict policy for procurement to ensure that all acquisitions are made ethically and sustainably.
4. The procurement of raw materials is a critical aspect of the manufacturing process.
5. Effective procurement strategies can lead to significant cost savings for a business.

(As a verb)

Procurement ( verb )

The act or process of obtaining or acquiring goods or services, typically for a business or organization.

Origin:

From the latin procurare, meaning 'to take care of' or 'to manage'.

Examples:

1. The procurement of the new office supplies was completed efficiently and within budget.
2. The procurement department is responsible for acquiring all the necessary materials for the construction project.
3. The company has a strict policy for procurement to ensure that all acquisitions are made ethically and sustainably.
4. The procurement of raw materials is a critical aspect of the manufacturing process.
5. Effective procurement strategies can lead to significant cost savings for a business.