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: 2041-2050 of 2469 results
  • Salvage

    Property having some value in excess of its basic material content or scrap value, but is in such condition as to be no longer usable, and its repair or rehabilitation for use is clearly impractical.
  • Sample

    One or more units selected from the material or process lot and represented as a specimen of quality.
  • Sampling

    A technique used to avoid examination of each item in a population, yet will still be able to determine whether the entire population shall be accepted as complying with the acceptable quality level or stated requirements.
  • Sanction

    1. Authoritative permission or approval that makes a course of action valid. 2. An action by a government body, such as restriction on trade. (Schiller, 2000)
  • Sarbanes-Oxley Act

    Passed by Congress in 2002, also know as SarbOx or SOX, its intent is to curb financial abuses in large public companies. The act demands that public companies enhance their accounting oversight and adopt stringent internal controls. (Martin & Miller, 2006)
  • SAVE

  • Saving

    That part of disposable income not spent on current consumption; disposable income less consumption; any income that is not spent. (Bishop, 2004)
  • Say’s Law

    Supply creates its own demand. Economic theory developed by French economist Jean-Baptiste Say (1767-1832). (Bishop, 2004)
  • SBA

  • Scalability

    The ease with which the supply of a product or service can be expanded to meet increased demand. Technology now allows new products to enter the market more quickly and win market share at a much more rapid pace. Suppliers often reference “scalability” in market literature and on their Internet sites. (Bishop, 2004)

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