Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 1-10 of 120 results for “B”
  • B2B (Business to Business)

    Relationships, applications, marketing, and sales, often in large volume, that a business conducts with another business. B2B interactions often take place via the Internet.
  • Back Order

    The portion of an order a supplier does not deliver at the scheduled time and has re-entered for shipment at a later date.
  • Back-Door Buying or Selling

    1. Unofficial, irregular, or devious buying or selling, usually resulting from inappropriate efforts to favor a particular supplier, product, or service with the intent of limiting competition; unauthorized actions. 2. Evasive actions taken by the supplier to circumvent the procurement department and entity rules and regulations to try to influence or sell directly to the entity’s internal end user or client department.
  • BAFO

  • Balance of Payments

    A summary record of a country’s international economic transactions in a given period of time. The difference between the flow of money into and out of a country. (Schiller, 2000)
  • Balance of Trade

    The part of a nation’s balance of payments that deals with imports and exports. (Schiller, 2000)
  • Balance Sheet

    A financial statement that records an entity's or organization's liabilities and assets, as well as shareholders' equity, if applicable over a defined period of time.
  • Balanced Budget

    A budget process or financial plan where total planned spend and total planned revenues are equal.
  • Baldrige National Quality Award

    Named after former Commerce Secretary Malcolm Baldrige, the award honors suppliers that have achieved national excellence in quality improvement
  • Bank Reserves

    Assets held by a bank to fulfill its deposit obligations. (Schiller, 2000)
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