Estimate

When most people think of procurement, they think of the process of acquiring goods or services. However, procurement is actually much more than that. In fact, procurement is an important part of any project and can be defined as the process of identifying, acquiring, and managing resources needed to complete a project.

There are three key elements to procurement: identification, acquisition, and management.

Identification is the first step in procurement. This is when you determine what resources are required to complete your project. This includes both materials and labor.

Acquisition is the next step in procurement. This is when you acquire the resources you need for your project. This can be done through purchase, rental, lease, or other means.

Management is the final step in procurement. This is when you manage the resources you have acquired for your project. This includes ensuring that they are used appropriately and accounted for properly.