Procurement (glossary)

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The overarching function that describes the activities and processes to acquire goods and services. (Purchasing Insight 2012)

Sources

Purchasing Insight. 2012. "Definition of Procurement – Procurement vs Purchasing." (online). New York, NY, USA: Purchasing Insight, Purchase to Pay, Purchasing & Procurement Process, Electronic Invoicing. Available at: http://purchasinginsight.com/resources/what-is/definition-of-procurement-procurement-vs-purchasing/

Discussion

"The terms “Purchasing” and “Procurement” are often used, incorrectly, interchangeably. Importantly, and distinct from “purchasing”, procurement involves the activities involved in establishing fundamental requirements, sourcing activities such as market research and vendor evaluation and negotiation of contracts. It can also include the purchasing activities required to order and receive goods."

SEBoK v. 1.9.1, released 16 October 2018