Dictionary of Procurement Terms

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Search Results: 31-40 of 102 results for “M”
  • Marketing Channel

    A group of organizations that moves products from their producer to customers; also called Channel of Distribution. (Ferrell & Hirt, 2002)
  • Maslow’s Hierarchy (of Need)

    In psychology, a five-tier model in which human needs are depicted in ranking order from lowest to highest.
  • Mass Production

    The manufacture of a large quantity of a standardized good, often by an automated process.
  • Material

    The substance from which something is composed or made.
  • Material Credit

    A credit issued by the warehouse upon the return of requisitioned supplies found to be in excess of requirements.
  • Material Defects

    Defects that are a matter of substance that affect price or quality and do not conform to the ​solicitation requirements.
  • Material Life Cycle

    The phases through which material assets pass, including: assess and plan material requirements; acquisition; operation, use, and maintenance; disposal.
  • Material Safety Data Sheets (MSDS)

    Documentation concerning a hazardous chemical that identifies the chemical, the common names of the ingredients, the physical and chemical characteristics, the hazards of the chemicals, and the emergency and first aid procedures to be considered when working with the chemical.
  • Material Substitution

    A cost saving strategy in which a less expensive acceptable material alternative, which meets the specification, is used in the production of a good or service.
  • Material Variance/Material Deviation

    A major change or deviation from a specification that gives an offeror a substantial benefit or advantage not given to other suppliers or one that gives the buyer a good or service that significantly deviates from the solicitation's specification.