procurement process
/ˈprɒsɛrmənt ˈprɒsɛs/ · pro.sur.men.t pro.ces
noun
- The systematic series of actions or steps taken to acquire goods, services, or works from an external source, often involving a formal bidding process or contract negotiation. The company's procurement process was streamlined to reduce costs and improve efficiency.
- A set of procedures or guidelines used to manage the acquisition of goods, services, or works, often involving multiple stakeholders and departments within an organization. The procurement process for the new project involved several rounds of bidding and evaluation before a contract was awarded.
Synonyms
acquisition processpurchasing processsourcing processcontracting processacquisition procedureprocurement procedure
Antonyms
Did you know? The term 'procurement process' is widely used in industries such as construction, manufacturing, and government contracting, where the acquisition of goods and services is a critical aspect of business operations.