Buying vs. Procurement

Buyingnoun

The act of making a purchase.

Procurementnoun

(uncountable) The purchasing department of a company.

Buyingnoun

the act of buying; as, buying equipment for the trip took several hours.

Procurementnoun

(countable) 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.’;

Buyingnoun

the act of buying;

‘buying and selling fill their days’; ‘shrewd purchasing requires considerable knowledge’;

Procurementnoun

Efficient contrivance; management; agency.

‘They think it done by her procurement. -Dryden.’;

Procurementnoun

The act of procuring or obtaining; obtainment; attainment.

Procurementnoun

Efficient contrivance; management; agency.

‘They think it doneBy her procurement.’;

Procurementnoun

the act of getting possession of something;

‘he was responsible for the procurement of materials and supplies’;

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 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.