procurement pro‧cure‧ment [prəˈkjʊəmənt ǁ proʊˈkjʊr-] noun [countable, uncountable] formal COMMERCE
the act of ordering and buying the equipment, supplies, services etc needed by a company or other organization:

• Uncertainty in government procurements hit Sutherland's results in the first quarter.

• The order is equivalent to only 4% of the company's total procurement of $8.75 billion.

• alleged procurement fraud

* * *

procurement UK US /prəˈkjʊəmənt/ US  /-ˈkjʊr-/ noun [U] FORMAL COMMERCE
the process by which an organization buys the products or services it needs from other organizations: »

He vows to cut procurement costs 10% by halving the number of global suppliers.

procurement policy/procedure/rules »

We must ensure that the process follows strict EU procurement rules.

See also E-PROCUREMENT(Cf. ↑e-procurement)

Financial and business terms. 2012.

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Look at other dictionaries:

  • Procurement — is the acquisition of goods and/or services. It is favourable that the goods/services are appropriate and that they are procured at the best possible cost to meet the needs of the purchaser in terms of quality and quantity, time, and location.… …   Wikipedia

  • Procurement — Pro*cure ment, n. [1913 Webster] 1. The act of procuring or obtaining; obtainment; attainment. [1913 Webster] 2. Efficient contrivance; management; agency. [1913 Webster] They think it done By her procurement. Dryden. [1913 Webster] …   The Collaborative International Dictionary of English

  • procurement — pro·cure·ment n 1: the act of procuring 2: the purchasing, leasing, renting, or selling of materials, services, equipment, or construction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • procurement — c.1300, use of improper influence, from O.Fr. procurement (13c.), from procurer (see PROCURE (Cf. procure)). Meaning process of bringing something about (by the action of another) is from c.1400. Military use is from 1957 …   Etymology dictionary

  • Procurement — 1. To attain possession of something, usually after exerting a substantial effort to do so. 2. The purchasing of something usually for a company, government or other organization. Here are some examples of sentences using the word procurement : 1 …   Investment dictionary

  • procurement — noun /prəˈkjʊə.mənt/ a) The purchasing department of a company. He was responsible for the procurement of materials and supplies. b) The act of procuring or obtaining; obtainment; attainment. They think it done by her procurement. Dryden …   Wiktionary

  • procurement — [[t]prəkjʊ͟ə(r)mənt[/t]] N UNCOUNT Procurement is the act of obtaining something such as supplies for an army or other organization. [FORMAL] Russia was cutting procurement of new weapons by about 80 per cent , he said. Syn: acquisition …   English dictionary

  • Procurement — Approvisionnement Voir « approvisionnement » sur le Wikti …   Wikipédia en Français

  • procurement — pro|cure|ment [ prə kjurmənt ] noun uncount 1. ) the process of buying supplies or equipment for a government department or company: defense procurement 2. ) FORMAL the process of obtaining something, especially with effort or difficulty …   Usage of the words and phrases in modern English

  • procurement — UK [prəˈkjʊə(r)mənt] / US [prəˈkjʊrmənt] noun [uncountable] 1) the process of buying supplies or equipment for a government department or company defence procurement 2) formal the process of obtaining something, especially with effort or… …   English dictionary

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