Procurement is the acquisition of goods and services at the best possible total cost of ownership, in the right quantity and quality, at the right time, in the right place and from the right source for the direct benefit or use of corporations, or individuals, generally via a contract.citation needed Simple procurement may involve nothing more than repeat purchasing. Complex procurement could involve finding long term partners or even codestiny suppliers that might fundamentally commit one organization to another.Almost all purchasing decisions include factors such as delivery and handling, marginal benefit, and price fluctuations. Procurement generally involves making buying decisions under conditions of scarcity. If good data are available, it is good practice to make use of economic analysis methods such as costbenefit analysis or costutility analysis.