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What is Procurement?

 , December 13, 2015 updated on August 13, 2018
Procurement is the process of acquiring goods and services from external sources. Government organizations are typically bound to follow laws and rules for procurement designed to ensure that suppliers and partners are chosen according to an open and fair process to avoid fraud. Businesses often adopt similar processes designed to achieve the lowest cost that meets all requirements using a transparent bidding process that encourages competition.
Overview: Procurement
DefinitionThe process of acquiring goods and services from external sources.
Related ConceptsProcurement Management
Procurement Risk
Supply Chain Management


This is the complete list of articles we have written about procurement.
Procurement Risk
Reverse Auction
Supply Chain
Supply Shock
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