Dictionary of Procurement Terms

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

Search the Dictionary of Terms

Search Results: 91-100 of 115 results for “B”
  • Burden

  • Bureau of Economic Analysis

    A federal agency of the U.S. Department of Commerce that calculates and reports the gross domestic product (GDP). The Commerce Department also calculates personal income, corporate profits, and current account balance.
  • Bureau of Labor Statistics

    A federal agency of the U.S. Labor Department that tracks all aspects of the labor market, such as employment projections, unemployment numbers, employee compensation reports, and a host of other labor-related information.
  • Business

    Any corporation, partnership, individual, sole proprietorship, joint stock company, joint venture, or other private legal entity.
  • Business Continuity Plan

  • Business Cycle

    Alternating periods of economic growth and contraction. Sometimes characterized as prosperity, recession, depression, and recovery. (Schiller 2000)
  • Business Interruption Insurance

    Insurance coverage that replaces the lost income of a business from physical damage or loss, e.g., fire, flooding, natural disaster, epidemic, labor unrest.
  • Business Plan

    A document that describes in detail a business' objectives and its step-bystep plans for achieving them.
  • Business Process Improvement (BPI)

    Various methodologies used by management that analyze procedures to identify the areas in which accuracy, effectiveness, or efficiency can be redesigned to realize improvements.
  • Business Process Outsourcing

    To carve out an internal business process such as information technology (IT) or human resources (HR) and outsource those processes to private entities to reduce costs and improve efficiency.



Is there a term missing from our dictionary?


Does a more concise or relevant definition apply?


Submit your comments/suggestions to our editorial board at dictionary@nigp.org