Procurement FAQs:

Q: Is a Procurement the process of finding?

A: Yes, and agreeing terms and acquiring goods, services or works from an external source, often via a tendering or competitive bidding process.

Q: Was a Procurement in its infancy?

A: Yes, and it was referred to as a “commercial” operation.

Q: Is a Procurement viewed as more tactical in nature and sourcing and acquisition are viewed as more strategic and encompassing?

A: Yes.

Q: Is a Procurement one component of the broader concept of sourcing and acquisition?

A: Yes.

Q: Is a Procurement fundamentally concerned with the spending or disbursal of money?

A: Yes, and Finance, by its very nature, performs a cost-cutting role.