What's The meaning of procurement?

PURPOSETo establish a procedure for procurement, purchasing and supply-chain management of materials,equipment and hired or Sub-contractor.SCOPEThis procedure describes the method used for selection of appropriate suppliers/sub-contractorsand procurement of material / services (placement of order) as per the requirements.

procurement system provides the purchasing professional with links to information across all of an organization's functions and departments. Some of the links include activities and information, including receiving transactions, order revision data, supplier profiles, accounts payable status, special order processing, and the tracking of incoming purchases through receipt routing 

I've read the comments above they are quiet long. Procurement can be described in one word " Buying". And buying is buying no matter what felid you're in its just how  you negociate your way to buy that item/service with reduced prices and with the best quality available.

Procurement is the process of obtaining products and services from suppliers. It includes decisions about how much and when to purchase goods and services, the actual purchasing of goods and services, and the process of receiving the requested goods or services. The purchasing cycle ensures that the appropriate quantity and quality of equipment, material, supplies, or services are acquired at the best price and from the most appropriate source. Procurement involves and affects more departments than just the purchasing department. An integrated procurement system provides the purchasing professional with links to information across all of an organization's functions and departments. Some of the links include activities and information, including receiving transactions, order revision data, supplier profiles, accounts payable status, special order processing, and the tracking of incoming purchases through receipt routing.

In simple language, Procurement can be divided in two groups. Namely, Material Purchase and Service Contracts which can be further sub-divided based on the Material Group and Service Types.

Procurement is choosing the right source for the requirement. Procurement is done by every human being for living. Procurement of edible raw materials for cooking, procurement of a suitable means of transport, procurement of a housekeeping person, etc. 

The same way, every company needs to procure materials and services for successful operation. Right Procurement Strategies is the key for any organization's growth and hence should not be overlooked.

Procurement is the acquisition of goods, services or works from an outside external source. It is favourable that the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the purchaser in terms of quality and quantity, time, and location. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing exposure to fraud and collusion.

Procurement means the acquisition of goods and services in the most economic manner. It involves planning of what to be ordered (Quantities and clear specifications) how are they to be acquired and when (Strategy mapping through Procurement Plan) to ensure value for money and ontime delivery of goods and services to avoid bottlenecks in operations. It encompases the five rights that is right price, right quantity, right quality, from the right source and delivery at the right time.

A number of persons mistake Procurement for Purchasing, which it is not. Purchasing is limited in scope, while Procurement encompasses the best and right ways of procuring Contracts, Subcontracts, materals/products, Services etc.  

Procurement is the procedure for purchase or buy materials and/or services (direct & indirect) for an organization. This procedure includes negotiations, evaluations, contract knowledge and forecasting. One main difference with purchasing is that in procurement there are contracts to finalize a deal. 

Procurment means purchasing. a talented procurment engineer trys to make inquires from different sources and then compare delivered technical and commercial offers and then select the best.

I can share herewith as meaning of procurement, ""Procurement is acquisition of goods or services at the best possible total cost of ownership''''

Procurement is  Right Product at Right Price at Right Time in Right Amount