Buying vs. Procurement

Buyingnoun

The act of making a purchase.

Buyingnoun

the act of buying; as, buying equipment for the trip took several hours.

Buyingnoun

the act of buying;

Procurementnoun

(uncountable) The purchasing department of a company.

Procurementnoun

(countable) The act of procuring or obtaining; obtainment; attainment.

Procurementnoun

Efficient contrivance; management; agency.

Procurementnoun

The act of procuring or obtaining; obtainment; attainment.

Procurementnoun

Efficient contrivance; management; agency.

Procurementnoun

the act of getting possession of something;

Procurement

Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.Procurement generally involves making buying decisions under conditions of scarcity. If sound data is available, it is good practice to make use of economic analysis methods such as cost-benefit analysis or cost-utility analysis.