procurement


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Procurement

The act of buying, especially for business purposes. This term is often used in the energy industries; for example, one may procure oil in order to refine it.

procurement

see PURCHASING, BUYING PROCESS.
References in periodicals archive ?
As Tracey Pinson, a procurement analyst with the DoD, bluntly puts it: "Frankly, if one company doesn't satisfy our needs, we'll just go out and find another one.
And after the materials procurement process is under control, some predict the addition of services Like advertising, legal, and consultants to the e-procurement and supply chain management process.
The new members are in addition to the original senior procurement executives serving as representatives on the AGB.
The FAR has evolved as an all-encompassing regulation governing federal procurement in the past 20 years--a period that aligns with the defense industry's consolidation.
In July 2002, he launched an audit of procurement activities - as promised in the MTA restructuring plan as well as the agency's response to a federal review.
Whether you are suppliers to the public sector, or public sector purchasers, Welsh purchasers and suppliers are encouraged to get their nominations in by May 13 and join the celebration evening to showcase achievements at the Welsh Procurement Awards on June 10 in Bangor University, which this year will be compered by Welsh TV personality Nia Parry.
The law also requires such governmental agencies to designate a person who generally may be the only staff member contacted relative to a particular procurement during the restricted period.
It would be a system that uses elements of ERP and supply chain management to bind together all the financial and procurement needs, as well as returns and other bothersome processes.
Additionally, from an administrative-overhead perspective, simplified acquisition offers no-cost local procurement department processing, an obviously attractive characteristic not necessarily available at all procurement organizations.
Editor's note: To view the attachments, visit the Director, Defense Procurement and Acquisition Policy Web site at <http://www.
Stephens, the DWP director of supply chain management, told a special city panel on contracting that the automated procurement system gives small businesses more opportunity to compete for DWP business and makes the process more open.

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