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: 1791-1800 of 2469 results

  • Procurement Outsourcing

    The contracting out of the procurement function to a third-party or private contractor. (Martin & Miller, 2006)

  • Procurement Price

    The amount paid to a contractor for the goods, services construction.

  • Procurement Profile

    The result produced after conducting a series of various analyses on the procurement expenditures of an organization, the range of commodities and services acquired through purchasing (spend analysis), the markets that provide them (market analysis), the level of influence of the suppliers and the entity in the marketplace, and the risks inherent in the market that could affect the entity’s operations (supply positioning).

    See Also: Market Analysis, Spend Analysis, Supply Positioning

  • Procurement Records

    Accounts maintained by a procurement organization sufficient to detail the significant history of a procurement and which may be needed for future audit purposes. Typically defined in a retention schedule description.

  • Procurement System Review

    An audit of the procedures of the procurement system of the governmental entity. For federal agencies, OMB Circular A-102 provides guidance.

  • Producers

    People who use resources to make goods and services. (Ferrell & Hirt, 2002)

  • Producers Price Index (PPI)

    A measurement tool compiled by the U.S. Bureau of Labor Statistics reflecting the average change in prices charged by producers during a given time period, compared to those charged in a base year. The PPI measures inflation at earlier stages of the production and marketing process than does the Consumer Price Index. (ISM, 2000)

  • Product Differentiation

    Features that make one product appear different from competing products in the same market. Automobiles and breakfast cereal are examples of markets that have products that are greatly differentiated for consumer choice. (Business, 2002)

  • Product Identification

    CANADIAN An identifier that is unique for a given product. It may be any combination of the following A NATO stock number, a Supplier’s part number, a Supplier’s catalog number and GSIN code.

  • Product Launch

    The introduction of a new product into a market. The beginning stages of the product life cycle. (Ferrell & Hirt, 2002)

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