procurement
pro-KYURE-ment
/prəˈkjʊərmənt/
The action of obtaining or procuring something, especially for a business or government.
It implies a formal, strategic process of sourcing, negotiating, and purchasing, rather than just 'buying'.
The story behind the word. Rooted in the Latin 'procurare', meaning 'to take care of' or 'manage'. It originally referred to the management of someone else's affairs.
Word relationships
- acquisition: Acquisition is the act of getting something; procurement is the systematic process of finding and buying it.
- divestment: The process of selling off assets or business interests.
Commonly confused with
- purchasing: Purchasing is the transactional act of buying; procurement is the strategic planning behind it.
Word family
- procure (verb): To obtain something with care or effort.
Collocations
- procurement officer
- public procurement
- procurement cycle
Example sentences
- "The defense department's procurement process is often criticized for being slow and over budget." Government Policy
- "Strategic procurement can save a company millions by consolidating suppliers." Corporate Strategy
Memory hook
You 'pro'-actively 'cure' your need for supplies by getting them. Taking care of the buying.
When not to use
Too formal for buying groceries or small personal items.
Fun facts
- In many large companies, the Chief Procurement Officer (CPO) reports directly to the CEO.
Explore more words
requisition, negotiation, negotiate, diplomacy, do business, transaction
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