Outsourcing vs. Procurement

Outsourcingnoun

The transfer of a business function to an external service provider.

Outsourcing

Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity that is or could be done internally and sometimes involves transferring employees and assets from one firm to another. The term outsourcing, which came from the phrase outside resourcing, originated no later than 1981.

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.