procurement

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procurement

[prə′kyu̇r·mənt]
(ordnance)
The complete action or process of acquiring or obtaining personnel, materiel, services, or property from outside a military service by means authorized in pertinent directives.
More specifically, the action or process of acquiring or obtaining materiel, property, or services at the operational level, for example, purchasing, contracting, and negotiating directly with the source of supply.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.

procurement

The fancy word for "purchasing." The procurement department within an organization manages all the major purchases.
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References in periodicals archive ?
These auctions at Priest and Payette Lakes 15 since 2011 generally have homeowners bidding the appraised value of the lot their homes sit on with no competitive bids to acquire ownership of the land.
According to the statement, the maximum quantity of government securities which a participant may acquire with competitive bids is 50 % of the quantity earmarked for sale through competitive bids.
The purpose of this article is to investigate company managers' decisions to engage competitive bids from prospective auditors or to privately negotiate with a single firm to obtain audit services.
To accomplish this, you should first be certain that only those brokers that you are willing to award the business to be asked for competitive bids.
The steps that ultimately led to bundling 401K services began in 1991, when we decided to invite competitive bids for the trusteeship of our 401K program.
Although this system can facilitate the submission of electronic bids, it is not designed to handle the last-minute rush of large competitive bids that, in fact, make up the bulk of the dollar volume of auction bidding.
RIGA, Aug 28 (LETA) - A competitive bids multi-price auction today sold EUR 17.6 million worth of five-year Latvian government bonds, the Nasdaq Riga stock exchange said.

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