Procurement involves a list of activities and processes that are necessary for an organization to acquire necessary products or services from the best suppliers at the best price. In commercial procurement terms is the act of obtaining something for business purposes and can cover a whole range of things including assets, supplies, skills and services for the business to continue its smooth operation for procurement.
Large public and corporate organisations like to promote choice and greater competition with procurement and acquisition programs. Choice and quality go a long way in business, which everyone can benefit.
The most basic distinction between private and public entities is ownership. The public sector is controlled by the government, while the private sector is headed by individuals that lead and manage corporations. The private sector encompasses all for-profit companies that are not owned or operated by the government. Because of this distinction of ownership, there comes many different practices and policies regarding on the procurement process.