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Maintenance
The upkeep of property that
neither adds to its permanent value nor
prolongs its intended life appreciably, but
instead keeps it in an efficient operating
condition.
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Maintenance Bond
A surety guarantee that
protects the purchaser against Defects or
inferior materials or workmanship for a
specified period of time following the
expiration of the initial warranty or guarantee
period; an extended warranty guaranteed by a
surety.
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Maintenance, Repair, Operating (MRO)
Refers to the equipment, tools, and activities
associated with the daily operations of
an entity.
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Make or Buy
A procurement decision that
examines the cost/benefit of producing an
item in-house vs. externally. Two factors that
stand out at the tactical level are total cost of
ownership and the availability of production
capacity.
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Managed Competition
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Management
A process designed to achieve an
organization’s objectives by using its
resources effectively and efficiently in a
changing environment.
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Management Audit
An audit conducted to
determine the degree of management
efficiency and effectiveness.
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Management Buy-Out
The purchase of an
existing business by an individual manager or
management group from within the business.
(Business 2002)
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Management Reports
A technique used to
measure progress or control procurement
activities based on collected data. These
reports enable both procurement officials and
managers to assess progress and readjust
activities to accomplish the goals and
objectives of the organization.
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Mandatory
Obligatory, required by order; a
provision that may not be waived.
