Procurement is the acquisition of goods, services or works from an external force that are vital to an organization's operations. The procurement process requires establishing the fundamental requirements necessary to meet the needs of the acquirer in terms of quality, quantity, time and location, for the best cost. The process includes sourcing activities, such as market research and vendor selection, contract negotiation, and purchasing activities required to order and receive goods. The combined functions of purchasing, inventory control, traffic and transportation, receiving, inspection, store keeping, and salvage and disposal operations.
Procurement is the acquisition of goods, services or works from an external force that are vital to an organization's operations. The procurement process requires establishing the fundamental requirements necessary to meet the needs of the acquirer in terms of quality, quantity, time and location, for the best cost. The process includes sourcing activities, such as market research and vendor selection, contract negotiation, and purchasing activities required to order and receive goods. The combined functions of purchasing, inventory control, traffic and transportation, receiving, inspection, store keeping, and salvage and disposal operations.