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: 2151-2160 of 2469 results

  • Staff Function

    Procurement Department advises agency management and operating departments about general business market conditions, new ideas and products suggested by suppliers, and assists by providing anticipated budgeting prices for materials and their availability.

    See Also: Line Function, Service Function

  • Staffing Level

    The number and type of personnel employed by an organization for the performance of a given workload. May be expressed in terms of full time equivalent (FTE), which typically represents one full time employee working 40 hours per week. (Martin & Miller, 2006)

  • Stagflation

    An economic meltdown consisting of rampant inflation, high unemployment, and general economic stagnation in a country. The simultaneous occurrence of substantial unemployment and inflation. May cause supply shortages that result in sellers being unable to provide commodities and services. (Schiller, 2000)

  • Stakeholder

    Any entity, group, or individual that can place a claim on the entity’s resources or services or is affected by what the entity does or the services it provides.

  • Standard

    1. A level of quality or attainment; an idea or thing used as a measure, norm, or model in comparative evaluations. A required or agreed level of quality or attainment. 2. An idea or thing used as a measure, norm, or model in comparative evaluations. (Oxford, 2017)

  • Standard Contract

    A pre-established document containing certain predetermined terms and conditions. A template contract that may be used for the most basic contractual obligations.

  • Standard Deviation

    A measure of how far a variable moves over time away from its average (mean) value. (Bishop, 2004)

  • Standard Industrial Classification (SIC) Code

    A comprehensive code classifying all business by what is produced or sold and for whom it is produced, or to whom it is sold.

  • Standard Object

    CANADIAN The highest level of the object classification used for parliamentary and executive purposes, which is reported to Parliament in the estimates and Public Accounts.

  • Standard of Value

    One of the functions of money whereby the value of goods and services is expressed in monetary terms, e.g., prices. (Schiller, 2000)

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