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In Business & Finance
What is procurement?
To procure is to keep/secure that which is being purcuased for future use by an entity. Answer 2 .
The act of obtaining or buying goods and services. .
The process inclu…des preparation and processing of a demand as well as the end receipt and approval of payment. .
It often involves: .
purchase planning, .
standards determination, .
specifications development, .
supplier research and selection, .
value analysis, .
financing, .
price negotiation, .
making the purchase, .
supply contract administration, .
inventory control and stores, and .
disposals and other related functions. .
The process of procurement is often part of company's strategy because the ability to purchase certain materials will determine if operations will continue. ( Full Answer )