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: 1671-1680 of 2469 results

  • Perfect (Pure) Competition

    A market in which no buyer or seller has market power. The market contains a large number of buyers and sellers of approximately equal importance.

  • Performance

    The technical, operational, and quality characteristics of the end item.

  • Performance Assessment Plan (PAP)

    A contract administration tool that contains specific information on how the contract administration team will observe and evaluate performance according to the standards required by the contract, as negotiated. May also be referred to as Surveillance.

  • Performance Audit

    A systematic and objective examination of evidence to provide an independent assessment of the management and activities of an organization related to the economic, efficient, and effective achievement of outcomes against objective criteria. May also include assessments that lead to best practices.

  • Performance Bond

    An instrument executed, subsequent to award, by a successful bidder that protects the public entity from loss due to the bidder’s inability to complete the contract as agreed. A risk mechanism that secures the fulfillment of all contract requirements. May be referred to as a ​completion ​bond.

  • Performance Budget

    A budget that links the consumption of resources (inputs) to outputs/outcomes of services for each unit of an entity. This type of budget is commonly used by the government to show the link between the funds provided by the public and the outcome of these services. Decisions made on these types of budgets focus more on outputs or outcomes of services than on decisions made based on inputs.

  • Performance Measures

    Tools used to measure performance and quantitatively evaluate progress toward planned targets.

  • Performance Rating

    CANADIAN The assignment of a rating to a Supplier based on effective performance.

  • Performance Record

    Documentation of a supplier’s past history regarding reliability, on-time delivery, quality issues, and other data that allows the buyer to evaluate overall performance.

  • Performance Requirement

    CANADIAN Requirements that define what the product or service is to do.

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