Procurement

17.07.2013 21:31

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Procurement

1) Current term for what used to be known as purchasing or buying - ie the function in a firm of acquiring all the supplies needed for production and support.

Concept is that all procurement is channeled through one source/department that ensures that appropriate discounts and bulk buying advantages are obtained and to keep all purchasing under budgetary control.

Source: David Lowe. The Dictionary of Transport and Logistics. Kogan Page, 2002. – P.189-190 (288 p.)


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