Dictionary of Procurement Terms

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  • Cost (Pricing) Data

    Factual information about the actual or estimated costs of labor, material, overhead, and other cost elements that are expected to be incurred in performance of a contract.

  • Cost Adjusted

    CANADIAN The dollar value of materiel items adjusted for upgrades, deterioration in condition, or other changes.

  • Cost Analysis

    The review and evaluation of cost data for the purpose of arriving at costs actually incurred or estimates of costs to be incurred. A cost analysis should be employed when price analysis is impractical or does not allow a purchaser to reach the conclusion that a price is fair and reasonable. Cost analysis is most useful when purchasing nonstandard items and services. (Burt, Dobler, Starling, 2003)

    See Also: Cost Breakdown

  • Cost and Freight (C & F)

    A quoted price that includes both the cost of an item and transportation charges to the destination; commonly used when shipping via ocean freight.

  • Cost Avoidance

    Actions taken to prevent payment of an unnecessary charge– this could be financial (i.e., by negotiating an extension to current prices when the entity becomes aware that price increases are likely to occur) or in resource terms (i.e., by using cooperative arrangements to “avoid” the time and work involved in completing a bidding or contracting exercise on an organization’s own behalf). (Spikes Cavell, 2011)

  • Cost Breakdown

    The detailed analysis of the contractor’s pricing that may include overhead and profit. (Burt, Dobler, & Starling, 2003)

    See Also: Cost Analysis

  • Cost Containment

    A detailed plan to hold costs and purchase prices within certain target limits over a period of time. (ISM, 2000)

  • Cost Contract

    A cost-reimbursement contract in which the contractor receives no fee.

    See Also: Cost-Reimbursement Contract

  • Cost Drivers

    The factors and forces that influence the nature and level of cost incurred by an enterprise. (ISM, 2000)

  • Cost Element

    A direct or indirect cost of providing a good, service, or construction, such as labor, materials, fringe benefits, or travel.

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