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: 1231-1240 of 2469 results

  • Inventory Shrinkage

    1. The loss of inventory value due to various factors such as breakage, evaporation, deterioration, theft, or scrap. 2. A deliberate management attempt to downsize inventory value.

  • Inventory Turnover

    The ratio of the costs of goods sold or used to the average inventory value to determine the number of times in a year that the entire inventory is issued and replaced.

  • Inventory Valuation

    CANADIAN The determination of the acquisition cost, or market value portion of this cost, or market value assignable to on-hand raw materials, goods in process, finished stock, merchandise held for resale, and supplies.

  • Investment

    1. Expenditures on new plant, equipment, and structures in a given period plus changes in business inventory. 2. The purchase of something of value that will generate a return. 3. The purchase of a security, such as a stock or bond. (Business, 2002)

  • Investment Recovery Initiatives (IRI)

    Systematic efforts to manage materials and equipment surplus to recover as much of the original cost and investment as possible. May involve Life Cycle Cost analysis. (ISM, 2000)

  • Invitation for Bids (IFB)

    A procurement method used to solicit competitive sealed bid responses, sometimes called a formal bid, when price is the basis for award.

  • Invitation to Negotiate (ITN)

    A competitive negotiation process that is used when the procurement authority deems it is in their best interest to negotiate with proposers to achieve “best value.” A form of source selection that is similar to the Request for Proposals process. A short list of acceptable proposers is created. Two negotiation methods are allowed: Single negotiation and concurrent negotiation.

  • Invitation to Tender (ITT)

    Similar to an Invitation for Bids (IFB), a solicitation issued when two or more sources of supply have been identified, the requirement can be adequately defined, and the entity intends to accept the lowest-priced responsive tender from a responsible offeror without negotiations.

  • Invoice

    A written account or itemized statement, addressed to the purchaser, of merchandise shipped or services performed, together with the quantity and the prices and other charges. An invoice is the seller's bill or written request for payment of work or services performed under the contract. (Nash, Schooner, & O’Brien, 1998)

  • IPO


    See Also: Initial Public Offering (IPO)

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