Dictionary of Procurement Terms

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Search Results: 121-130 of 214 results for “S”

  • Stagflation

    An economic meltdown consisting of rampant inflation, high unemployment, and general economic stagnation in a country. The simultaneous occurrence of substantial unemployment and inflation. May cause supply shortages that result in sellers being unable to provide commodities and services. (Schiller, 2000)

  • Stakeholder

    Any entity, group, or individual that can place a claim on the entity’s resources or services or is affected by what the entity does or the services it provides.

  • Standard

    1. A level of quality or attainment; an idea or thing used as a measure, norm, or model in comparative evaluations. A required or agreed level of quality or attainment. 2. An idea or thing used as a measure, norm, or model in comparative evaluations. (Oxford, 2017)

  • Standard Contract

    A pre-established document containing certain predetermined terms and conditions. A template contract that may be used for the most basic contractual obligations.

  • Standard Deviation

    A measure of how far a variable moves over time away from its average (mean) value. (Bishop, 2004)

  • Standard Industrial Classification (SIC) Code

    A comprehensive code classifying all business by what is produced or sold and for whom it is produced, or to whom it is sold.

  • Standard Object

    CANADIAN The highest level of the object classification used for parliamentary and executive purposes, which is reported to Parliament in the estimates and Public Accounts.

  • Standard of Value

    One of the functions of money whereby the value of goods and services is expressed in monetary terms, e.g., prices. (Schiller, 2000)

  • Standard Specification

    A specification that is to be used for all or most purchases of an item; describes all required physical and functional characteristics of goods, services or construction.

  • Standardization

    The adoption of a single product or group of products to be used by different entities or all parts of one organization. (Nash, Schooner, & O’Brien, 1998)

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