Dictionary of Procurement Terms

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  • Object Classification

    CANADIAN Financial classification used on expenditure, revenue, and other transactions that classify the type of goods and services acquired (for expenditures), transfer payments, source of receipts (for revenues), or the method of acquiring/disposing of a financial claim or obligation.

  • Objective

    A specific, measurable, and observable result of an organization’s activity that advances the organization towards its goal.

  • Obligation

    A legal requirement for the disbursement of funds as a result of orders placed, contracts awarded, supplies, services, or construction received, or other contractual activity.

  • OBS


    See Also: Open Bidding Service (OBS)

  • Obsolescence

    The decline of products in a market due to the introduction of better competitor products or rapid technology developments. Is a critical part of a product’s life cycle, and if a product cannot be turned around, it may lead to product abandonment. (Business, 2002)

  • Obsolete Supplies/Equipment

    Items that are out of date, no longer in use, or are effectively unusable; examples: 8 track audio tapes, 5-1/4 floppy computer disks. Obsolete supplies/equipment become outdated because of new technology, new regulations, or new procedures instituted by the entity.

    See Also: Surplus

  • Occupational Safety and Health Administration (OSHA)

    A division within the U.S. Department of Labor that was created by the OSHA Act of 1970. OSHA’s mission is to assure safe and healthful working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education, and assistance. (OSHA)

  • Ocean Bill of Lading

    A bill of lading used by ocean carriers for marine transportation of goods.

  • OCR


    See Also: Optical Character Recognition (OCR) (Optical Scanning)

  • OEM


    See Also: Original Equipment Manufacturer (OEM)
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