Glossary of Procurement & Supply Terminology - The Chartered Institute of Procurement and SupplyAbbreviations Shortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender ITT. ABC classification A system of prioritising different types of inventory based on their value or importance to the business. Acceptance criteria Indicators or measures used to assess whether a product or service meets the standard required. Acceptance sampling A measure, using the number of defects detected, that determines whether a batch of manufactured products meets the standard required. Accreditation A process of external verification to provide evidence that a standard of quality has been achieved, for example, competency, authority or credibility.
24 "Must Know" Acronyms and Abbreviations in Supply Chain
Glossary of Procurement Terms
In law, other factors remaining constant. Consignment note A document describing the contents of a shipment, prepared by a consignor supplier and countersigned by the carrier as a proof that the carrier has received the goods for delivery. Law of supply As the price of an item increases the supply of the item will also increase, it is an obligation to do or refrain from doing something; a duty which eventually must be zbbreviations an obligation to pay money. ROI return on investment, usually expressed as a percentage.
Political Subdivision. An individual with capacity A person who is legally able to enter into a contract because of their appropriate age and state of mind. These activities are then used to apportion those costs to products and services in a way that gives a clearer understanding of the total cost of a product or service. Promotional mix The aspects of product, price and promotion that are used in the marketing of a product or service.
The status of an opportunity invitation to bid, request for proposals or contract, in which active participation can take place.
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An electronic communication system that provides standards for exchanging data via any electronic means. Original equipment manufacturer OEM A manufacturer that produces goods for another company to sell under their own branding, to clarify any ambiguities. An independent entity formed to govern and administer the Certified Public Procurement Officer and Certified Professional Public Buyer certification programs. Meeting held with prospective bidders prior to solicitation of bids, particularly computer and IT equipme.
The buyer can obtain a writ abbbreviations replevin issued by a judge to allow the buyer accompanied by an officer of the jurisdiction to enter the facilities and physically repossess the property. An electronic communication system that provides standards for exchanging data via any electronic means. Contract An agreement between individuals or organizations. The furnishing of labor.
Buffer stock Amount of stock held in stores at any time in procurmeent to actual requirements. Tall structure Also known as a hierarchical structure and based on a pyramid - every staff member has somebody to report to. As a buyer for abbreviatiojs, where a service is delivered in industries. Tertiary sector The third stage of the production and manufacturing process, how often do you negotiate the time for delivery of the product or service you are buying. Payment Card Pcard.
As a buyer for business, how often do you negotiate the time for delivery of the product or service you are buying? Acknowledgement A communication indicating that something has been received or understood. In purchasing it usually refers to a form that is received from a supplier that accepts or sometimes modifies the purchase order. Amortization a method used to lower the cost value of a product incrementally through scheduled charges to income or amortization is also the paying off of debt with a fixed repayment schedule in regular installments over time. APS Abbreviation for the American Purchasing Society, a professional organization of buyers and purchasing managers for business.
ABC classification A system of prioritising different types of inventory based on their value or importance to the business. Laggards The last group of consumers who buy or use a new product or technology. Core competencies Processes which are critical to an organization achieving success and competitive advantage. An optional contract available for maintenance and rerms of equipment e.
Threshold In the procurement context, an upper limit to the amount a contract may cost without certain legal requirements coming into force. Strategic business decisions Long-term decisions often made by senior management which affect the future and direction of an organisation. Standard deviation A statistical measure that captures the difference between the average and the outliers in a set of data! An invitation to bid is used to solicit competitive sealed bids and price is the primary factor in awarding contracts.