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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  • Cost Reduction

    Generally realized when a manufacturer is able to lower the material or labor costs used to make its products; interchangeably used to indicate a lower price paid by the buyer from what was previously paid.

    See Also: Cost Savings, Price Reduction

  • Cost Replacement

    CANADIAN The cost at current prices that is expected to be incurred to replace an item.

  • Cost Savings

    A realized and measurable reduction in material, resource, or labor expense(s) associated with the production and delivery of an item or service. Primarily associated in the manufacturing of an item; interchangeably used to indicate a lower price paid by the buyer from what was previously paid.

    See Also: Price Reduction, Cost Reduction

  • Cost Sharing

    A type of contract that is used when it is impossible to firmly estimate costs and there is a high probability that the contractor will receive a substantial present or future commercial benefit. This type of contract may be used in research and development areas, as well as public-private partnerships.

  • Cost, Insurance, Freight (c.i.f.)

    A quoted price that includes marine insurance in addition to the cost of the item and transportation charges to destination; commonly used when shipping via ocean freight.

  • Cost, Labour

    CANADIAN An expenditure for manual labour measured by the amount paid.

  • Cost, Original

    The original cost for which a good or service was acquired; for equipment purchases it may include shipping, installation, and other associated costs.

  • Cost-Based Pricing

    A method in which a fixed sum or percentage of the total cost is added as an income or profit to the cost of the product to arrive at its selling price.

  • Cost-Benefit Analysis (Study)

    A comparative evaluation of the trade-off between the cost of a good or service and the value or benefit to be obtained to choose among alternatives. (Business, 2002)

  • Cost-of-Living-Adjustment (COLA)

    An automatic adjustment of nominal payment tied to the rate of inflation. (Schiller, 2000)

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