Dictionary of Procurement Terms

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Search Results: 11-20 of 47 results for “V”

  • Valued Policy

    An insurance policy in which the sum to be paid in case of loss is fixed by the terms of the policy; especially relating to fire insurance.

  • Variable Cost

    Costs of an organization that vary with the amount of work performed. Variable costs are usually contrasted with fixed costs in analyzing a contractor’s indirect costs. If variable costs are a large percentage of a contractor’s indirect costs, then the contractor’s overhead rates can be expected to decrease more sharply with a decrease in volume of work than would be the case if fixed costs were a large percentage of the contractor’s indirect costs. (Nash, Schooner, & O’Brien, 1998)

  • Variable-Margin Pricing

    A pricing policy that permits maximum competition on individual products. Most firms price their products to generate a satisfactory return on the whole line, not on each product in the line. The profits from the most efficiently produced items are often used to offset losses or the lower profit margins of inefficiently produced items. Often is seen in a line item Bid of MRO (maintenance, repair, operating) products. (Business, 2002)

  • Variety Reduction

    The process of controlling and minimizing the range of new parts, equipment, materials, methods, and procedures that are used to produce goods or services. Its goal is to minimize the variety of all elements in the production or service delivery process. The main techniques of variety reduction are simplification, standardization, and specialization. A methodology used in value analysis. (Business, 2002)

  • VAT


    See Also: Value Added Tax (VAT)

  • VE


    See Also: Value Engineering (VE)

  • Velocity of Money

    The number of times per year, on average, that a dollar is used to purchase final goods and services. (Schiller, 2000)

  • Vendor

    A person or entity that provides goods and/or services, usually for low-cost, low-risk, and short-term engagements.

    See Also: Supplier

  • Vendor Code

    CANADIAN A code used to identify Suppliers.

  • Vendor Complaint Form

    A form completed by the using agency to document unacceptable vendor performance.
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