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: 1801-1810 of 2469 results

  • Product Life Cycle

    A product generally has the following life cycle stages: introduction, growth, maturity, and decline.

  • Product-Resource-Operating-Contingent (PROC)

    CANADIAN Identifies four types of costs (product, resource, operating, and contingent) used to identify all costs associated with a requirement over its useful life to determine the best value.

  • Production

    The making of goods available for use; total output, especially of a commodity or industry. (Schiller, 2000)

  • Productivity

    Output per unit of input, e.g., output per labor hour. (Business, 2002)

  • Professional Services

    Services rendered by members of a recognized profession or possessing a special skill. Such services are generally acquired to obtain information, advice, training, or direct assistance.

  • Profit

    1. The difference between total revenue and total cost. (P=TR-TC). The difference between total revenues and the full costs involved in producing or selling a good or service; it is a return for risk taking. 2. The difference between what it cost to make and sell a product and its final selling price. 3. The difference between the costs incurred by the contractor to provide the supplies, services, or construction and the amount received from the purchaser in payment.

  • Profit Margin

    An item that appears on an income statement and is calculated by dividing the gross profit by sales. (Business, 2002)

  • Profit Sharing

    A form of compensation whereby a percentage of company profits is distributed to the employees based on a variety of factors such as longevity, company status, etc. (Business, 2002)

  • Program Budgeting

    Program budgets relate expenditures and revenues to public goals.

  • Program Evaluation and Review Technique (PERT)

    Similar to the critical path method of project scheduling, PERT was developed in 1955 by the DuPont and Remington Rand companies for use in coping with complex plant maintenance problems. Now available in software applications that show time and dependency relationships between the activities that make up the total project. (Ferrell & Hirt, 2002)

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