Procurement is an essential component of business operations, and there are a few different definitions of it that are widely accepted among industry professionals. According to the “For Dummies” definition of procurement, it is the process of obtaining goods and services that are necessary for the operation of a business. It involves researching potential vendors, negotiating prices and terms of contracts, and managing the entire procurement process from start to finish. The goal of procurement is to acquire goods and services at the best possible price, while also taking into consideration quality, delivery, and other related factors. Procurement typically involves the evaluation of multiple vendors in order to choose the one that best meets the needs of the business. There are various types of procurement that businesses can use, including direct procurement, strategic sourcing, and third-party procurement. In direct procurement, the business directly purchases goods and services from the