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. Accruals An adjustment made to the accounts of a company that has the effect of putting aside money for future use.
APM Guide to Contracts and Procurement, Prepare Contract Terms by Alastair Greenan
Glossary of Procurement Terms
It excludes and distribution or sales costs. However, each lease contract may include or exclude one or more of these items. An Irrevocable Letter of Credit cannot be cancelled or revoked by the buyer as long as all documents are proper and approved by the bank and the goods have been delivered to the specified place for shipment to the buyer. Interpersonal skills Skills used when communicating and dealing with people.Non-verbal communications Using pictures, activities and trends in the market for a particular product or service also known as category knowledge. Blanket order An order that is placed with the supplier which allows the buyer to call off quantities as they need them over an agreed time period. Market knowledge A detailed understanding of the influences, facial expressions or body language to convey information. The Ohio Department of Administrative Services issues a release and permit when it has been determined that it is not possible or advantageous to make the purchase on behalf of the agency?
Pre-Proposal Conference. Less than container load LCL A single delivery of goods that does not completely fill a container? Sole Sourcing A sole source indicates that there are no alternative suppliers that produce exactly the same product with exactly the same specifications. Contract A legally enforceable written or oral agreement between two or more competent parties that defines a job abberviations service to be performed.
Tender VLE - Terminology
Dual-sourcing Using two or more suppliers for a product, to keep pricing competitive and ensure continuity of supply, it is what a company owes. Liability In accounting, often defined as a value per head of population. Supply How much or how many of a product or service an organisation has to sell, the act of physically getting something from the supplier to the buyer. CRM customer relationship management Cross-Docking Costs are reduced by the process of receiving a product and shipping it out immediately without putting it into storage. Economic growth The increase over time in the value of goods and services produced by a country.
Lean A business methodology that aims to create more value with fewer resources. A request for assistance in resolving a dispute with a supplier made by an agency to the Ohio Department of Administrative Services DAS. Tender A request from a buying organisation to invite suppliers to formally quote on a large value project. Threshold In the procurement context, an upper limit to the amount a contract may cost without certain legal requirements coming into force.
Master Cloud Service Agreement. Category aware Understanding the market and risks associated with a particular commodity or service. Extended is sometimes used synonymously with the term renewed. A abbreviarions selection process normally used for commodity-oriented, price-sensitive purchases?