Dictionary of Procurement Terms

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Search Results: 31-40 of 69 results for “O”

  • Open Order

    Items of supply not delivered or not accepted by the ordering organization.

  • Open-End Contract

    A contract that sets forth the general provisions of supplies and services that may be delivered or performed within a given period of time, but in which quantity and/or duration is not specified. The quantity and delivery are specified with the placement of orders.

    See Also: Price Agreement, Requirements Contract, Blanket Order

  • Open-End Pricing

    The amount paid will be based on price in effect at the time of delivery.

    See Also: Price At Time of Delivery, Price prevailing at the Date of Shipment

  • Operating Budgets

    All of the revenues and expenditures to cover the current fiscal period of the government.

  • Operating Lease

    A service lease, usually short-term, including both financing and servicing of the item leased; payments made under the lease are generally not sufficient to recover the full cost of the equipment.

    See Also: Financial Lease

  • Operational Audit

    A structured review of the systems and procedures of an organization to evaluate whether they are being carried out efficiently and effectively. The audit involves establishing performance objectives, agreeing to the standards and criteria for assessment, and evaluating actual performance against targeted performance. (Business, 2002)

  • Operational Research

    The application of scientific methods to the solution of managerial and administrative problems, involving complex systems or processes. (Business, 2002)

  • Opportunity Cost

    The most desired goods or services that are forgone to obtain something else. The next best alternative that must be given up when a choice is made. (Schiller, 2000)

  • Optical Character Recognition (OCR) (Optical Scanning)

    Technology that converts images containing text into formats with editable text. OCR allows for scanned books, screenshots, and photos with text to be turned into editable documents like TXT, DOC, or PDF files. (Nicomsoft, 2012) First used by the U.S. Postal Service in 1965 to sort mail. Also used in the warehousing and inventory control arena of public procurement.

  • Optimized Production Technology

    A production planning and control system, based on finite loading procedures, that concentrates on reducing bottlenecks in a production system to improve efficiency. Its key task is to increase total system throughput by realizing existing capacity in other parts of the system. (Business, 2002)
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