In oxford dictionaries, procurement is the action of obtaining or procuring something.
In the form of corporate organization, procurement is often referred to as purchasing and supply, which involves all of those management functions to ensure the organization be able to obtain goods and services with cost effectively from outside sources conformed to the needs of users.
The procurement process commonly involves:
- Purchase planning
- Standard Determination
- Specification development
- Survey and market analysis
- Supplier research and selection
- Value analysis and Value Engineering
- Financing
- Contracting
- Contract Management
- Inventory Management
- Disposal
- and other related functions
