Procurement vs. Purchasing

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.

Purchasingnoun

An act or process of making a purchase.

Purchasingnoun

A complex, organized process in large organizations for obtaining goods that may include identification of requirements, approvals, supplier management, negotiation, receipt of goods, and payment.

Purchasingnoun

A part of an organization that manages such processes

Purchasingnoun

the act of buying;

Purchasing

Purchasing is the process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary greatly between organizations.