Procurement

Procurement is the acquisition of goods or services. It is favorable that the goods/services are appropriate and that they are procured at the best possible cost to meet the needs of the purchaser in terms of quality and quantity, time, and location (Weele 2010) . Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing exposure to fraud and collusion.

Read more about Procurement:  Overview, History, Public Procurement, Alternative Procurement Procedures, Procurement Frauds