What term describes the act of obtaining material and services?

The term that describes the act of obtaining material and services is "Procurement." This encompasses the entire process of identifying needs, selecting suppliers, negotiating contracts, and acquiring goods and services. Procurement involves various activities such as sourcing, purchasing, and ensuring that the required items meet quality and performance standards.

While "Logistics" relates to the management of the flow of materials and services from point of origin to point of consumption, it does not specifically refer to the act of obtaining those materials or services. "Acquisition" is often used interchangeably with procurement but can also refer to the overall process of gaining ownership, which can include aspects beyond just obtaining materials and services. "Disbursement" pertains to the act of paying out funds, which may occur after procurement but does not describe the initial act of obtaining materials and services. Thus, procurement is the most precise term for this specific function.