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What does procurement mean?

Looking for the meaning or definition of the word procurement? Here's what it means.

Noun
  1. (uncountable) The purchasing department of a company.
  2. (countable) The act of procuring or obtaining; obtainment; attainment.
  3. Efficient contrivance; management; agency.
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Examples
Central and provincial authorities should do more to promote transparency in government procurement and contract bidding.
The Trade Bureau monopolized the procurement, sale and export of industrial and agricultural products.
Public procurement laws also need urgent reform to prevent graft and corruption.
The army's procurement of the anti-tank version of the Hellfire air-to-ground missile was also a bad decision.
In the past, the legislature acted as a rubber stamp for weapons procurement budgets.
Meanwhile, the dominance of air forces in procurement battles has left Britain's land army woefully under-equipped.

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