Dictionary of Procurement Terms

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Search Results: 51-60 of 118 results for “M”

  • Materiel Management

    A comprehensive integration of the various supply management functions within a particular organization. May include functions such as purchasing, storage, inventory control, material forecasting, receiving, transportation, inspection, and quality control. (ISM, 2000)

    See Also: Supply Chain Management (SCM)

  • Materiel Management Institute

    CANADIAN A Canadian non-profit organization offering professional development in the field of public sector materiel and supply management.

  • Maverick Spending

    Used to describe purchases or expenditures not processed through a procurement organization. Direct spending by operational units outside of ​Procurement's control. (Burt, Dobler, & Starling, 2003)

  • Maximum Stock Level

    The level that represents the maximum amount of stock of an item that may be held.

  • May

    Denotes the permissive in a contract clause or specification.

    See Also: Shall

  • MBE

    Minority Business Enterprise.

    See Also: Historically Underutilized Business (HUB), Small Disadvantaged Business, Woman-Owned Business Enterprise (WBE), Economically Disadvantaged Individuals

  • McGregor, Douglas

    A social scientist who authored “The Human Side of Enterprise,” published in 1960, which examines management theories on behavior of individuals at work. He formulated two models which he called Theory X and Theory Y.

    See Also: Theory X, Theory Y

  • Mean

    The arithmetic average. The average value of a set of numbers. (Business, 2002)

  • Mechanic’s Lien

    A lien in favor of those who have performed work or furnished materials for the construction of a building; is attached to the land as well as the building to secure payment.

  • Median

    The midpoint in a list of numbers or occurrences. (Business, 2002)

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