In reference to contracting, what does 'procurement' mean?

Procurement refers to the systematic process of acquiring the goods, materials, and services necessary to complete a construction project. In the context of contracting, it encompasses various activities including the identification of needs, the selection of vendors, negotiation of contracts, and purchasing supplies and services. This definition highlights the essential role procurement plays in ensuring that a project is equipped with all necessary resources to meet its objectives efficiently and effectively.

The procurement process is crucial because it directly impacts the project’s timeline and budget, making it a fundamental aspect of project management in construction. By acquiring the various materials and services required for a project, stakeholders can ensure that all elements are available when needed, ultimately supporting smooth operational workflows.

The focus on the acquisition of materials and services reinforces the importance of procurement in enabling a project to progress beyond mere planning or selection of subcontractors, addressing the complete logistical and operational needs required for execution.