Procurement

n. purchase, sale, acquisition

Procurement is the acquisition of goods and/or services at the best possible total cost of ownership, in the right quantity and quality, at the right time, in the right place for the direct benefit or use of governments, corporations, or individuals, generally via a contract. Simple procurement may involve nothing more than repeat purchasing. Complex procurement could involve finding long term partners – or even 'co-destiny' suppliers that might fundamentally commit one organization to another.
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Noun
1. the act of getting possession of something; "he was responsible for the procurement of materials and supplies"
(synonym) procurance, procural
(hypernym) acquisition
(derivation) procure, secure

(n.)
The act of procuring or obtaining; obtainment; attainment.
  

(n.)
Efficient contrivance; management; agency.
  

In the Federal Government, the process of obtaining services, supplies, and equipment in conformance with applicable laws and regulations.