Procurement

Quick Answer

Last updated: 8 June 2026Published: 19 June 2025

Source: https://en.wikipedia.org/wiki/Procurement

Category

Logistics Concept

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1 min

Words

67

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Definition & Explanation

Procurement encompasses the identification and selection of suppliers, negotiation of terms, and placement of orders for materials or services. Within supply chain management, it includes demand planning, source evaluation, contract development, and continuous optimization of acquisition costs and timing. In international trade contexts, procurement often involves cross-border sourcing (importing raw materials, components, or finished goods), where customs duties, rules of origin, and transportation logistics become critical factors.

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