Procurement vs. Acquisition

By Jaxson

  • Procurement

    Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion.

    Almost all purchasing decisions include factors such as delivery and handling, marginal benefit, and price fluctuations. Procurement generally involves making buying decisions under conditions of scarcity. If sound data is available, it is good practice to make use of economic analysis methods such as cost-benefit analysis or cost-utility analysis.

  • Procurement (noun)

    The purchasing department of a company.

  • Procurement (noun)

    The act of procuring or obtaining; obtainment; attainment.

    “He was responsible for the procurement of materials and supplies.”

    “I have a lot of experience in the procurement of construction materials and sub-contracts.”

  • Procurement (noun)

    Efficient contrivance; management; agency.

    “They think it done by her procurement. -Dryden.”

  • Acquisition (noun)

    The act or process of acquiring.

    “The acquisition of sports equipment can be fun in itself.”

  • Acquisition (noun)

    The thing acquired or gained; a gain.

    “That graphite tennis racquet is quite an acquisition.”

  • Acquisition (noun)

    The process of sampling signals that measure real world physical conditions and converting these signals into digital numeric values that can be manipulated by a computer.

  • Acquisition (noun)

    an asset or object bought or obtained, typically by a library or museum

    “the legacy will be used for new acquisitions”

  • Acquisition (noun)

    a purchase of one company by another

    “the company intends to grow within itself rather than by acquisition”

    “there were many acquisitions among travel agents”

  • Acquisition (noun)

    the buying or obtaining of assets or objects

    “western culture places a high value on material acquisition”

  • Acquisition (noun)

    the learning or developing of a skill, habit, or quality

    “the acquisition of management skills”

Oxford Dictionary

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