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What is Procurement?
Procurement consisting of two words
Procurement = Procure + ment
Procurement = Procure + ment
Procure = obtain (something), especially with care or effort.
Example: acquiring goods, services, or works from an external sourceMent = result, condition, process or is defined as doing something.
Example: making buying decisions under conditions of scarcity or the intelligence and fidelity (বিশ্বস্ততা /সততা) exercised in the buying.Hence,
“Procurement is the act of buying or obtaining goods and services with care or effort to fulfil a requirement or need.”History of Procurement
Example: acquiring goods, services, or works from an external sourceMent = result, condition, process or is defined as doing something.
Example: making buying decisions under conditions of scarcity or the intelligence and fidelity (বিশ্বস্ততা /সততা) exercised in the buying.Hence,
“Procurement is the act of buying or obtaining goods and services with care or effort to fulfil a requirement or need.”History of Procurement
Formalized acquisition of goods and services has its roots in military logistics, where the ancient practice of foraging (তন্ন তন্ন করিয়া খোঁজা) and looting (লুটপাট) was taken up by professional quartermasters, a term which dates from the 17th Century.
The first written records of what would be recognized now as the purchasing department of an industrial operation are in the railway companies of the 19th Century.
Note:
Quartermasters: An army officer whose duty is to provide quarters, provisions, storage, clothing, fuel, stationery, and transportation for a regiment or other body of troops and superintend the supplies.