Dictionary of Procurement Terms

Ethnic, gender, racial, and socioeconomic diversity in a situation, institution, or group; the coexistence of different ethnic, gender, racial, and socioeconomic groups within one social unit.

A mathematical formula used in cost and price analysis to plot total units produced against average labor hours or costs required to produce one unit.

A written notice issued to a contractor to correct poor performance by documenting performance issues and giving the contractor an opportunity to remedy the situation within a prescribed timeframe.

Following the issuance of a cure notice, the time allowed for the defaulting party of a contract to resolve the specified delinquency or default.

The fall in value of a currency in a floating exchange rate system.

The conscious, deliberate downward adjustment by a country of its exchange rate.

The current sum of money assigned to a contract.

The quantity currently on hand in a warehouse or storage depot.