Dictionary of Procurement Terms

The total cost of owning and keeping inventory (e.g., warehouse costs, opportunity cost, insurance, and shrinkage). See also: Carrying Cost.

The process of making things similar or uniform.

A token of appreciation in recognition of acts or professional services.

The merger of organizations or functions that are operating in the same industry and at similar levels.

1. Broad-based training to develop employee diversification and focus on special skills. 3. Training that provides experience with those who can share the corporate knowledge base needed to continue the evolution of the profession. Also known as cross training.

1. The amount charged for an hour of labor; includes wages, all indirect costs, and profit. 2. CANADIAN The hourly rate of pay for the classification as established in the standing offer.

The economic value of the knowledge, skill, and experience possessed by the workforce.

1. Labor, or the effort by a workforce to produce goods or services. 2. The knowledge, skills, and abilities the workforce uses to produce goods or services.

Contract containing both goods and services.