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Procurement Terms And Abbreviations Pdf

procurement terms and abbreviations pdf

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Published: 09.06.2021

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The following list includes commonly used supply management, business, and technology terms and acronyms utilized within the JD Supply Network web pages and online tools. Negotiation takes place when one buyer and one seller intend to do business, but have not yet agreed on the price and other terms and conditions. Auctions are conducted on the internet, where bidding can start at either a high or low acceptable price and progressively lowers or increases until there is a winning bidder. In a reverse auction, a single buyer posts a description of needed goods or services on an eMarketplace for multiple sellers to bid on. An exchange is sometimes used to describe a marketplace that brings buyers and sellers together for the purpose of transacting sales.

Terms used in procurement can be quite complex and there are many concepts to familiarize oneself with. For this reason, we decided to make a list of key terms and abbreviations in procurement. The glossary provides an overview of the most common terms used in procurement, logistics, supply chain management, and finance and works as a useful reference for procurement leaders explaining activities to other stakeholders or professionals who are looking to grow into a role in procurement. We're planning on making this the ultimate procurement glossary and are continuously expanding the list of terms. There are different methods for allocating the indirect costs or overhead to the products, but the core idea is that both variable and fixed costs are allocated to the end products in full on a per produced unit basis.

Glossary of Procurement Terms

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. Bartering A type of transaction involving no money or cash where one party provides one type of goods in exchange for another type of goods. Bartering can be carried out domestically or globally.

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Common abbreviations and defined terms that are used in these Guidelines. The act of accepting by an authorized representative; an indication of a willingness to pay; the assumption of a legal obligation by a party to the terms and conditions of a contract. Confidential Information also, Proprietary Information -Any information conveyed to a public employee, due to position in the procurement process, by a manufacturer of firm such as, product testing or trade secret which would not be available as general knowledge. Shortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender ITT Select a letter from the index above to see the glossary items beginning with that letter. FAR 1.

procurement terms and abbreviations pdf

The Procurement Acronyms and Abbreviations That You Need to Know

Acronyms & Abbreviations

Includes the establishment of needs, description of requirements, selection of procurement method, selection of sources, solicitation of procurement, solicitation for offers, award of contract, financing, contraction administration, and related functions. ADVERTISE To make a public announcement of the intention to purchase goods, services or construction with the intention of increasing the response and enlarging the competition. The announcement must conform to the legal requirements imposed by established laws, rules, policies and procedures to inform the public. ALP Authority for Local Purchase: granted by the commissioner of Administration to an individual who has successfully completed all requirements established by the Office of State Procurement. Price must be one of the evaluation criteria when acquiring goods and services. Other evaluation criteria may include, but are not limited to environmental considerations, quality, and vendor performance.

In the procurement business, there are a lot of abbreviations and acronyms to keep up with. Because there are so many terms used, it makes sense to keep them as short as possible for easier communication. PurchaseControl makes it easy to manage your purchase-to-pay process. Enter your email below to begin the process of setting up a meeting with one of our product specialists. The Procurement Acronyms and Abbreviations That You Need to Know In the procurement business, there are a lot of abbreviations and acronyms to keep up with. Find Out How. Download PDF.

3 Comments

  1. Angie C.

    13.06.2021 at 06:26
    Reply

    Need to brush up on your acronyms and abbreviations in the industry? Take a look In the procurement business, there are a lot of abbreviations and acronyms to keep up with. Because there image_pdf. Download PDF.

  2. Norftesigpio1967

    13.06.2021 at 07:24
    Reply

    Supply chain management in fmcg industry pdf supply chain management in fmcg industry pdf

  3. Leo B.

    19.06.2021 at 12:15
    Reply

    Bureau of Procurement. COMMONLY USED PROCUREMENT ACRONYMS. Page 1 of 5. Acronym. Meaning. ADA. Americans with Disabilities.

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