Procurement cost is an official business term that refers to the total cost associated with obtaining goods or services. This cost includes the purchase price of the goods or services, as well as any additional costs incurred during the procurement process. This could include transportation costs, storage costs, insurance costs, and any other costs associated with the procurement process. The total cost of procurement is an important factor to consider when making business decisions, as it can have a significant impact on the overall cost of the goods or services. It is important to keep track of all procurement costs to ensure that the total cost of the goods or services is within the budget and that the quality of the goods or services is not compromised.