Dictionary of Procurement Terms

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Search Results: 2291-2300 of 2469 results

  • Total Cost of Ownership (TCO)

    A measure of all of the cost components associated with the procurement of a product or service. The sum of all fixed and variable costs attributed to a product or service. A philosophy for understanding all supply chain related costs of doing business with a particular ​supplier for a particular good or service. (Burt, Dobler, & Starling, 2003)

  • Total Quality Management (TQM)

    Received recognition in the 1980s in answer to the increasing need for firms to compete on a quality basis. The International Organization for Standardization defined TQM as “a management approach to an organization centered on quality, based on the participation of all of its members, and aiming at long-term success through customer satisfaction and benefits to the members of the organization and to society. Other concepts such as Continuous Improvement, Just-In-Time, Quality Circles, and Six Sigma were part of the TQM approach. (Martin & Miller, 2006)

    See Also: Continuous Improvement

  • Total Supply

    A concept of purchasing, the objective of which is to plan in advance and provide for the broadest scope of purchasing and purchasing-related activities as possible, to minimize costs, increase managerial effectiveness, and improve operational efficiency. It is concerned not only with ordering, but also with requirements planning, logistics, and general procurement management.

  • TQM


    See Also: Total Quality Management (TQM)

  • Tracing

    Trying to locate a shipment that has been reported undelivered by the consignee; finding the current status of the shipment. Tracing has become more effective through the use of technology, such as radio frequency identification (RFID). (Martin & Miller, 2006)

  • Trade Acceptance

    A non-interest bearing, negotiable bill of exchange or draft covering the sale of goods, drawn by the contractor and accepted by the purchaser; may include the purchaser’s specifications in place of payment.

  • Trade Deficit

    The amount by which the value of imports exceeds the value of exports in a given time period. (Schiller, 2000)

    See Also: Trade Surplus

  • Trade Discount

    A discount or reduction from a list price based on the position of the purchaser in the distribution channel, for example, as a distributor, retailer, or original equipment manufacturer.

  • Trade Secret

    Trade secrets consist of information and can include a formula, pattern, compilation, program, device, method, technique or process. To meet the most common definition of a trade secret, it must be used in business, and give an opportunity to obtain an economic advantage over competitors who do not know or use it. (USPTO)

    See Also: Proprietary (Information), Confidential Information

  • Trade Standard

    An understanding between buyer and seller as to the meaning of certain words, phrases, and characteristics of a given item or service that are established by agreement or general usage. (Business, 2002)

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