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WordNet-Online
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Definitions from the WebTerm: ProcurementDescription:Procurement refers to the process of acquiring goods, services, or works from an external source, typically through purchasing. It involves activities such as sourcing, negotiation, purchasing, and contract management, with the goal of obtaining the best value for an organization. Senses and Usages:1. Noun - Acquiring Goods or Services:In this sense, procurement is the act of acquiring goods or services for a company or organization. The procurement department is responsible for managing supplier relationships, sourcing products, evaluating bids, and ensuring the timely delivery of goods or services. Example sentence: The procurement team successfully negotiated a contract with the supplier for office equipment. 2. Noun - Government Procurement:Government procurement refers to the process by which government entities acquire goods or services for public use. It involves specific regulations and procedures to ensure transparency, fairness, and accountability in the acquisition process. Example sentence: The government issued a request for proposal (RFP) to initiate the procurement of construction services for the new hospital. 3. Verb - Obtaining or Acquiring:As a verb, procurement means obtaining or acquiring something. It can be used in a general sense or specifically in the context of business or supply chain management. Example sentence: The company procured the latest technology to enhance their manufacturing process. Related Products:Explore related products on Amazon: | ||||
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