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: 1-10 of 119 results for “M”
  • Macroeconomics

    The study of aggregate economic behavior. The study of the economy in a larger context- to view it as a whole. (Schiller, 2000)
  • Mailbox Rule

    A common-law rule providing that an acceptance of an offer becomes effective and creates a binding contract when it is transmitted rather than when it is received. (Nash, Schooner, & O’Brien, 1998)
  • 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.
  • 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.
  • Maintenance, Repair, Operating (MRO)

    A supply management term that refers to various commodities that are generally of low value, purchased frequently, and available from multiple sources. These items are often assigned to a buying team who specializes in these commodity areas. Typical examples include oil, rags, grease, tools, and hardware fasteners.
  • Make or Buy

    A procurement decision that examines the cost/benefit of producing an item in-house or from an outside source. Two factors that stand out at the tactical level are total cost of ownership and the availability of production capacity.
  • Managed Competition

  • Management

    A process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment.
  • Management Audit

    An audit conducted to determine the degree of management efficiency and effectiveness.
  • 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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