Dictionary of Procurement Terms

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  • Burden


    See Also: Indirect Costs

  • Bureau of Economic Analysis

    A federal agency of the U.S. Department of Commerce that calculates and reports the gross domestic product (GDP). The Commerce Department also calculates personal income, corporate profits, and the current account balance.

  • Bureau of Labor Statistics

    A federal agency of the U.S. Labor Department that tracks all aspects of the labor market such as employment projections, unemployment numbers, employee compensation reports, and a host of other labor related information.

  • Business

    Any corporation, partnership, individual, sole proprietorship, joint stock company, joint venture, or any other private legal entity.

  • Business Continuity Plan


    See Also: Continuity of Operations Plan (COOP)

  • Business Cycle

    Alternating periods of economic growth and contraction. Sometimes characterized as prosperity, recession, depression, and recovery. (Schiller, 2000)

  • Business Interruption Insurance

    Commercial insurance protection for a business whose operations are interrupted because of a fire, storm, or other natural disaster. (Business, 2002)

  • Business Plan

    A statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals. (Business, 2002)

  • Business Process Improvement (BPI)

    Various methodologies utilized by management that analyze procedures to identify areas where accuracy, effectiveness, or efficiency can be redesigned to realize improvements.

  • Business Process Outsourcing

    To carve out an internal business process such as IT (Information Technology) or HR (Human Resources) and outsource it to a private entity in an attempt to reduce costs and improve efficiency.

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