Dictionary of Procurement Terms

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Search Results: 11-20 of 69 results for “O”

  • Off-the-Shelf

    Common use items that are readily available in the marketplace and do not have to be specially ordered. Generally, they are not affected by supply and demand issues and are price stable. May also refer to systems or services readily available to commercial users that are not produced in accordance with rigid specifications. Typical examples include basic electrical and basic plumbing items. (Schiller, 2000)

  • Offer

    A response to a solicitation that, if accepted, would bind the offeror to honor what was submitted.

  • Offeree

    The person/entity to whom an offer is made in response to a solicitation.

  • Offeror

    A generic term that refers to a person or entity who submits an offer in response to a solicitation.

    See Also: Proposer, Responder, Bidder

  • Office of Management and Budget (OMB)

    A government agency, in the Executive Office of the President of the United States, that serves as the President’s principal arm for exercising the managerial functions of the Presidency. OMB strives to improve government organization, information, and management systems and devises programs for career executive talent throughout the government. OMB assists the President in preparing the annual budget and in overseeing its execution. (Nash, Schooner, & O’Brien, 1998)

  • Official Responsibility

    Direct administrative or operating authority, whether intermediate or final, either exercised alone or with others, either personally or through subordinates, to approve, disapprove, or otherwise direct governmental action.

  • Offshoring

    A form of corporate downsizing and outsourcing, where manufacturing and other business processes are moved abroad to improve profit by taking advantage of lower labor costs and other expenses which may be more favorable in the host country. (Business, 2002)

  • Oligarchy

    A market situation in which a few companies control or dominate the market for a product or service.

  • Oligopoly

    A market in which few firms produce all or most of the market supply of a particular good or service. (Schiller, 2000)

    See Also: Imperfect Competition

  • OMB


    See Also: Office of Management and Budget (OMB)
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