Dictionary of Procurement Terms

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Search Results: 71-80 of 118 results for “M”

  • Microeconomics

    Study of the economic behavior of individual units of an economy such as a person, household, firm, or industry. (Schiller, 2000)

    See Also: Macroeconomics

  • Milestone Code

    CANADIAN A generic code that indicates where the goods and/or services are in the materiel life cycle process.

  • Milestone Payment

    A more sophisticated form of progress payment that shifts the risk by tying payments to the successful completion of predetermined work that is deemed a significant indicator of progress toward ​contract completion.

  • Milestones

    Designated steps of the planned acquisition that usually signify a completion of a requirement or delivery of materials. Payments may be targeted to the completion of milestones. (Harney, 1992)

    See Also: Deliverable

  • Mini-trial

    An Alternate Dispute Resolution (ADR) technique that is flexible, voluntary, and nonjudicial. Principals (top management) hear a short presentation of the factual and legal positions of the parties in dispute and engage in nonbinding negotiations to resolve a claim. The procedure permits either party to withdraw at any time without prejudicing the litigation process.

  • Minimum Cost Differential


    See Also: Hurdle Rate

  • Minimum Order Quantity

    Minimum quantity that may be ordered on any one purchase order/contract.

  • Minimum Stock Level

    The planned lowest level of stock, below which stock is normally flagged for management attention and expedition of orders.

  • Minimum-Maximum Inventory Levels

    A simplistic inventory system in which a minimum quantity and maximum quantity are set for an item. When the quantity drops below the minimum, an order is placed up to the maximum. This guards against stock outs and prevents the buildup of stock, either of which can be costly to the organization.

  • Minor Irregularity

    A variation from the Solicitation that does not affect the price of the Contract or does not give an Offeror an advantage or benefit not enjoyed by other Offerors, or does not adversely impact the interests of the contracting party.

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