Dictionary of Procurement Terms

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

Search the Dictionary of Terms

Search Results: 1681-1690 of 2469 results

  • Performance Specification

    A type of specification that describes the desired outcome or intended use of a commodity and how the commodity will perform (e.g., number of items, distance to travel, time required).

    See Also: Design Specification

  • Performance Work Statement (PWS)

    Similar to a statement of work and is used in performance-based Request for Proposals. It describes the requirements in terms of outcomes rather than prescriptive specifications. This term was developed, and is used by, the US federal government.

  • Performance-Based Budgeting

    Budgeting that attempts to link resource allocation decisions to performance criteria that includes both output and outcome measures. Also referred to as results-oriented budgeting, these forms of budgeting add performance measures that look at outcomes of activities rather than at individual process steps. To be effective, these budget methods must be linked to the overall strategic plan of the organization, and each decision unit must support a particular goal and objective (similar to decision units in zero-based budgeting).

    See Also: Results-Oriented Budgeting

  • Performance-Based Contract

    A results-oriented contracting method that focuses on the outputs, quality, or outcomes that may tie at least a portion of a contractor’s payment, contract extensions, or contract renewals to the achievement of specific, measurable performance standards and requirements. These contracts may include monetary and non-monetary incentives as well as specific remedies.

  • Period of Assignment

    CANADIAN The starting and finishing dates for the services being called up. Also see Call Up.

    See Also: Call-Up

  • Periodic Inventory Control System

    A time-based inventory control system involving scheduled reviews of the stock level of each inventory item.

  • Periodic Ordering

    Orders placed at intervals for quantities needed to bring stocks up to the desired levels.

  • Perishable Goods

    Material subject to spoilage or deterioration within a relatively short time if proper conditions, such as temperature, are not maintained.

  • Perpetual Inventory Control System

    An on-going record of all stock items, showing stock levels, withdrawals, replenishment, placement of purchase orders, receipt, issues, balances, quantities available, and stock adjustments.

  • Personal Liability

    A contracting risk whereby an individual (an agent) may be held personally liable if they have committed an unlawful, negligent, or criminal act in the performance of their duties. (Ferrell & Hirt, 2002)

Advertisement

Advertisement