Dictionary of Procurement Terms

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Search Results: 41-50 of 101 results for “M”
  • Material/Materiel Forecasting

    Estimating future needs to avoid stock outs or oversupply.
  • Material/Materiel Requirements Planning (MRP) System

    A technique used to determine the quantity of dependent demand materials used in a planning period. May be used to schedule and control production, inventory levels, and deliveries from outside suppliers.
  • Materials Management

    Typically, a non-federal procurement term for a method and core supply chain function that may include purchasing, storage, transportation, forecasting, inventory control, inspection, and quality control to facilitate the flow of materials throughout the entity from delivery of materials to receipt by the end user. See also: Materiel Management.
  • Matériel

    A warehouse or military term for equipment, supplies, and apparatus used by a warehouse or the military.
  • Materiel Management

    Typically, a federal procurement term for a method and core supply chain function that may include purchasing, storage, transportation, forecasting, inventory control, inspection, and quality control to facilitate the flow of materials throughout the entity from delivery of materials to receipt by the end user. See Also: Supply Chain Management (SCM).
  • Maverick Spending

    Purchases made outside of procurement policies and procedures or established contracts.
  • Maximum Stock Level

    The level that represents the maximum amount of stock of an item that may be held.
  • May

    Denotes the permissive in a contract clause or specification.
  • MBE

    Minority Business Enterprise. See also: Historically Underutilized Business (HUB), Small Disadvantaged Business, Woman- Owned Business Enterprise (WBE), Economically Disadvantaged Individuals.
  • Mean

    The arithmetic average; the average value of a set of numbers. (Business 2002)
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