English · Work & Business
procurement
/prəˈkjʊər.mənt/
[/prəˈkjʊər.mənt/]
obtaining supplies
Advancednoun
Definition
The process of obtaining goods or services, especially for a business or government.
Example
The procurement team negotiated lower prices by ordering supplies in much larger volumes.
The procurement team negotiated lower prices by ordering supplies in much larger volumes.
Etymology
From Latin 'procurare' (to manage); the formal purchasing sense is established.
How & Where It’s Used
Used in supply chain, government, and corporate purchasing.