Dictionary of Procurement Terms

1. Those actions and values responsible for continuous improvement of the design, development, and management process of an organization’s supply system, with the objective of improving its profitability and survival of its customers and suppliers. It has a major impact on net income and shareholder value. (Burt, Dobler, & Starling, 2003) 2. The identification, acquisition, access, positioning, and management of resources the organization needs in the attainment of its strategic objective. (ISM, 2000)