Dictionary of Procurement Terms

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Search Results: 91-100 of 118 results for “M”

  • Mock-Up

    The model of a device or item of equipment, either full sized or built to scale, used for analysis, display, testing, or to study the details or features of design.

  • Mode

    The type of average that indicates the most frequent instance of a number or happening. The number in a distribution that occurs the most frequently. (Business, 2000)

  • Model Number

    An identification number assigned to describe a style or class of item, such as a particular design, composition, or function by the manufacturer or distributor of that item.

  • Model Procurement Code


    See Also: ABA Model Procurement Code for State and Local Government (U.S. Law)

  • Modification

    Any written alteration to a provision of any contract accomplished by mutual agreement of the parties to the contract.

    See Also: Change Order

  • Monetary Policy

    The use of money and credit controls to influence macroeconomic outcomes. The Federal Reserve is the chief monetary policy setter in the United States. (Business, 2000)

  • Monetary System

    The set of government regulations concerning a country’s monetary reserves and its holdings of notes and coins. (Business, 2000)

  • Money

    Anything generally accepted as a medium of exchange. See Functions of Money. (Schiller, 2000)

  • Monitoring

    A contract administration tool, whereby certain procedures are developed to assure the public entity that contracted services are being delivered in accordance to the terms and specifications of the contract.

    See Also: Quality Assurance (QA)

  • Monopolistic Competition

    The market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small. (Schiller, 2000)

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