In the context of business or government, procurement most frequently refers to the formal, official process of acquiring and receiving goods, services, or equipment. furthermore it's used for Estimating the amount of money needed is the first step in the function of funding procurement. Several forecasting exercises are necessary to determine the project's future requirements and the amount needed for working capital and fixed asset investments. Investment items that are not tied to construction are paid for through procurement allocations. Equipment items that are not subject to centralised item management and asset control and whose system unit cost reaches or exceeds the expense/investment threshold are included in this. Financial management is the study of raising money and using it wisely and effectively in light of the overall goals of the company.the expectations of the suppliers of funding. The goal of procurement is to achieve competitive rates for suppliers while providing the most value. Procurement management guarantees that all things and services are procured correctly in order for projects and processes to run smoothly and successfully. Procurement may be used to gain a competitive edge when it is optimised to save money, time, and resources. Raw materials, software, services, or items that directly assist the manufacture of the things your firm sells are examples.