Dictionary of Procurement Terms

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Search Results: 31-40 of 96 results for “I”
  • Indirect Channel

    A means of selling goods through an intermediary, such as a wholesaler or dealer, rather than directly from the manufacturer.
  • Indirect Cost

    Expenditure other than the cost incurred to produce a good or deliver a service (e.g., insurance, rent, and utilities).
  • Indirect Labor

    Labor provided by those not directly involved in the production of a good or the delivery or a service (e.g., supervisors, security guards, and human resources personnel).
  • Industrial Engineering

    A branch of the engineering profession concerned with the enhancement of systems, organizations, or processes that deal with equipment, materials, facilities, or people to maximize efficiency and effectiveness.
  • Industrial Good

    Raw or processed material, or component piece, that is purchased and used to manufacture a final finished product. Sometimes called an “intermediate good.”
  • Industrial Grade Product

    A product designed to be larger; more durable, resilient, or powerful; longer lasting; or with a larger capacity than a commercial grade product. See also: Consumer Grade Product, Commercial Grade Product.
  • Industrial Revenue Bond

    A bond that a private company uses to finance construction. (Business 2002)
  • Ineligible Bidder/Proposer/Offeror

    A bidder/proposer/offeror that does not meet the qualifications stated in the solicitation or a supplier that is currently debarred, suspended, or disqualified.
  • Inflation

    An increase in the average prices of goods and services, usually measured incrementally over a given time period. (Schiller 2000) See also: Deflation.
  • Informal Bid/Proposal

    A competitive bid, price quotation, or proposal for supplies or services that is conveyed via letter, fax, email, or other manner that does not require a formal sealed bid or proposal, public opening, or other formalities. Generally relegated to requirements that may be considered low value or fall under a stipulated price/cost threshold.



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