Dictionary of Procurement Terms

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

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Search Results: 151-160 of 214 results for “S”

  • Stock Number

    A standard number that is assigned to identify like items. Examples of standardized ​stock numbering systems include the NIGP Commodity/Services Code or the NATO Stock Numbering System.

  • Stock On Order

    CANADIAN The quantity represented by the total of all outstanding replenishment orders.

  • Stock Out

    A condition in which there is a lack of sufficient Inventory on hand to fill an order from a using agency/requisitioner.

  • Stock Record

    Information on the items in ​stock showing stock level position.

  • Stock Usage/Turnover Rate

    The historic rate at which a stocked item is used, based on the number of times the ​stock is issued to determine the annual (or periodic) turnover rate.

  • Stock-Keeping Unit (SKU)

    A common term for a unique numeric identifier, typically in a database. A specifically assigned product number for each variation of an item. The SKU number represents variations of the item by size, color, type, or by any other specific designation to aid in computer ordering and inventory control. (ISM, 2000)

  • Stockless Purchasing

    A contracting method that incorporates Just-in-Time delivery concepts, thus enabling the buyer to avoid carrying inventory to meet demand requirements. Suppliers own the inventory and deliver products directly to the customer with a predetermined time frame, e.g., 24 hours, 3 working days.

  • Stocktaking

    CANADIAN The procedure of counting and reconciling actual holdings against Stock records.

  • Stop Work Order

    Written notice to the contractor to immediately stop all work. Work cannot resume until the stop work order is removed.

  • Storage

    1. The act of storing, or state of being stored, in a designated storage place for safekeeping. 2. A function of ​warehousing that involves the receipt, putting away, and subsequent retrieval of an item. 3. Specific to technology, a computer memory that retains data for some period of time. Storage can be categorized in many ways such as primary or secondary; read-only, random access, and magnetic storage.

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