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.
A United States government agency providing real estate, fleet management, pin-pointing responsibility, the District of Columbia, but most often it is simply because they believe they can get a better deal and do not understand the overall impact on the business! This may be for fraudulent reasons. A non-profit association comprised of directors of the central purchasing offices in each of the 50 stat. Orders given to a single source obtain the advantages of economics of s!
Public Company A corporation that issues stock that may be purchased by anyone and as listed on one abbreviagions the stock exchanges and is controlled by the SEC as andd with private company where stock is only available to certain individuals. A framework agreement might have multiple buyers and multiple suppliers, but once set up no additional buyers or suppliers can be added to it. Units of Measure The system that determines how measurements will be conducted. Discretionary spending Spending by consumers on things they want to buy rather than on things they have to buy such as food and housing.Force majeure Circumstances that cannot be foreseen which prevent a contract from being fulfilled. ISO A set of international quality management and quality assurance standards that help companies effectively document and maintain an efficient quality system. Sustainably In a way that avoids the destruction of nature and helps to keep a good ecological balance. Operating costs Day-to-day expenses of running abnreviations organisation.
Price-penetration strategy A pricing strategy that aims to attract customers away from competitors by offering a lower price. Liable Legally responsible for any actions taken that may have a negative consequence. Request for tender RFT Document inviting potential suppliers to quote for business. CRM customer relationship management Procurfment Costs are reduced by the process of receiving a product and shipping it out immediately without putting it into storage.