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Project Management vocabulary · Budget & Cost

Procurement

Meaning in project management, with examples

/prəˈkjʊrmənt/nounCommon term

In project management, procurement means: The process of buying the goods and services a project needs from outside suppliers, including choosing them, agreeing prices and managing contracts.

In Turkish: satın alma, tedarik, satın alma süreci

How it is used

Also the name of the department that does it: “check with Procurement”. Procurement often involves an RFP (request for proposal), a tender and a contract. Long procurement times are a common cause of delays.

Example sentences

  1. Procurement of the servers takes about eight weeks, so we need to order them this month.

  2. The procurement team is preparing the tender for the cleaning services contract.

Common collocations

  • procurement process
  • procurement team
  • public procurement
  • procurement lead time
  • vendorAn outside company that sells products or services to the project, such as software, equipment or specialist work.
  • budgetThe total amount of money approved for a project, usually broken down into costs such as staff, equipment, suppliers and a reserve for surprises.
  • dependencyA link between two tasks or deliverables where one cannot start or finish until the other has started or finished.
  • contingencyExtra money or time added to a project plan to cover known risks and unexpected problems.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Budget & Cost

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