Dictionary of Procurement Terms

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: 81-90 of 96 results for “I”
  • Inventory Control

    Supervision and management of the supply, storage, and accessibility of the items held in inventory to ensure an adequate supply of available material without excessive oversupply, back orders, or stock outages.
  • Inventory Shrinkage

    The loss of inventory value resulting from various factors, including breakage, evaporation, deterioration, and theft.
  • Inventory Turnover

    The ratio of the cost of goods sold or used to the average inventory value to determine the number of times in one year that the entire inventory is issued and replaced.
  • Inventory Valuation

    CANADIAN  1. The determination of the acquisition cost. 2. The market value portion of this cost. 3. The market value assigned to on-hand raw materials, goods in process, finished stock, merchandise held for resale, and supplies.
  • Investment

    The act of allocating resources with the intent to generate profit.
  • Investment Recovery Initiatives (IRI)

    The act of allocating resources with the intent to generate profit.
  • Invitation for Bids (IFB)

    A procurement method used to solicit competitive sealed bid responses, sometimes called formal bids, when price is the basis for award.
  • Invitation to Negotiate (ITN)

    1. A competitive negotiation process that is used when the procurement authority deems it is in their best interest to negotiate with proposers to achieve “best value.” 2. A form of source selection that is similar to the Request for Proposals process. In this process, a short list of acceptable proposers is created. Two negotiation methods are permitted: single and concurrent.
  • Invitation to Tender (ITT)

    Similar to an Invitation for Bids (IFB), a solicitation issued when two or more sources of supply have been identified, the requirement can be adequately defined, and the entity intends to accept the lowest-priced responsive tender from a responsible offeror without negotiations.
  • Invoice

    A document that lists the goods or services provided and the sum due for such; a bill.



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