Procurement The process of selecting and vetting suppliers, negotiating contracts, establishing payment terms, and the actual purchasing of goods and services. - concerned with acquiring all of the _goods, services and work_ that is vital to an organization. - overarching or umbrella term within which the action of purchasing can be found. Purchasing The action of obtaining merchandise, capital equipment, raw materials, services, or maintenance, repair, and operating (MRO) supplies in exc...