Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

Search the Dictionary of Terms

Search Results: 151-160 of 248 results for “P”

  • Procurement Code Exceptions

    A payment method whereby internal customers (requisitioners) are empowered to deal directly with suppliers for purchases using a credit card issued by a bank or major credit card provider. Generally, a pre-established credit limit is established for each card issued. The cards enable eProcurement and facilitate on-line ordering, frequently from pre-approved suppliers under blanket contracts. (Martin & Miller, 2006)

  • Procurement Cost

    The total sum of all actual and administrative costs incurred by the buyer in the process of obtaining goods, services, or construction.

    See Also: Carrying Cost

  • Procurement Department

    Office, Division, or Unit with authority and responsibility for contracting needed goods, services, and construction for the entity.

  • Procurement Lead Time

    The total lead time required to obtain a purchased item. Includes purchasing lead time, supplier lead time, transportation time, receiving, and inspection.

  • Procurement Methods

    Methods by which goods, services, or material may be acquired by public purchasers. The methods may include blanket orders, emergency purchases, standing offers, purchase orders, transfers, competitive bidding, competitive negotiation, intergovernmental cooperative agreements, small purchase contracts, purchases via a credit card, etc.

  • Procurement Officer

    Any person duly authorized to enter into and administer a contract and make written determinations and findings thereto. Also includes an authorized representative of the procurement officer acting within the limits of his or her authority.

  • Procurement Outsourcing

    The contracting out of the procurement function to a third-party or private contractor. (Martin & Miller, 2006)

  • Procurement Price

    The amount paid to a contractor for the goods, services construction.

  • Procurement Profile

    The result produced after conducting a series of various analyses on the procurement expenditures of an organization, the range of commodities and services acquired through purchasing (spend analysis), the markets that provide them (market analysis), the level of influence of the suppliers and the entity in the marketplace, and the risks inherent in the market that could affect the entity’s operations (supply positioning).

    See Also: Market Analysis, Spend Analysis, Supply Positioning

  • Procurement Records

    Accounts maintained by a procurement organization sufficient to detail the significant history of a procurement and which may be needed for future audit purposes. Typically defined in a retention schedule description.

Advertisement

Advertisement