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: 201-210 of 2469 results

  • Benefits

    Non-financial forms of compensation provided to employees, such as health benefits, life insurance, pension benefits, paid holidays, and vacation. (Business, 2002)

  • Benefits Driven Procurement (BDP)

    CANADA A management philosophy that places emphasis on outcomes and benefits, employs risk management techniques, and requires that roles and responsibilities be clearly defined for the supplier, the procurement department, and the government entity.

  • Best and Final Offer (BAFO)

    A process requested from one proposer or short-listed proposers for their best price(s) for a specific solicitation prior to determining of contract award. Sometimes referred to as BAFO and utilized during the Request for Proposals method of procurement.

    See Also: Discretion

  • Best in Class

    A standard of excellence given to an entity or business unit that demonstrates verifiable performance in a particular category or business area.

  • Best Interest

    A term which grants the Chief Procurement Officer the discretion to take the most advantageous action on behalf of the entity they represent, usually in the absence of law or regulation. (NASPO, 2001)

    See Also: Discretion

  • Best Practice

    A business process, activity, or operation that is considered outstanding, innovative, or exceptionally creative by a recognized peer group. It may be considered as a leading-edge activity that has been successfully adopted or implemented, and has brought efficiency and effectiveness to an entity. It may result in improved productivity, quality, reduced costs, and increased customer service. (Business, 2002)

  • Best Value

    1. A procurement method that emphasizes value over price. The best value might not be the lowest cost. Generally achieved through the Request for Proposals (RFP) method. 2. An assessment of the return that can be achieved based on the total life cycle cost of the item; may include an analysis of the functionality of the item; can use cost-benefit analysis to define the best combinations of quality, services, time, and cost considerations over the useful life of the acquired item.

  • Beta Test

    Second phase of testing in a software development process.

    See Also: Alpha Test

  • Bid

    The response submitted by a bidder to an Invitation for Bids (IFB).

    See Also: Solicitation

  • Bid Analysis

    A comprehensive review of all bids received as a result of a competitive process. The review is usually conducted for the purpose of comparing strengths and weaknesses of the bids received based on the requirements and criteria set forth in the Invitation for Bids.

    See Also: Bid Tabulation

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