|Definition||The process of acquiring goods and services from external sources.|
|Related Concepts||Procurement ManagementProcurement RiskSupply Chain Management|
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What is Procurement?
John Spacey, 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.
ProcurementThis is the complete list of articles we have written about procurement.
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