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Microeconomics
The study of the economic
behavior of the individual units of an
economy, such as a person, household, firm,
or industry. (Schiller 2000)
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Milestone
An event or action that marks a clear
stage or change in the progress or
development of a project. See also:
Deliverable.
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Milestone Payment
A sophisticated form of
progress payment that shifts risk by tying
payments to the successful completion of
predetermined work that is deemed a
significant indicator of progress toward
contract completion.
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Mini-trial
An alternate dispute resolution (ADR)
technique that is flexible, voluntary, and
nonjudicial. Principals (top management) hear
a short presentation of the factual and legal
positions of the parties in dispute and engage
in nonbinding negotiations to resolve a claim.
The procedure permits either party to
withdraw at any time without prejudicing the
litigation process.
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Minimum Order Quantity
Minimum quantity that
may be ordered on any one purchase
order/contract.
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Minimum Stock Level
The planned lowest level
of stock, below which stock is normally
flagged for management attention and
expedition of orders.
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Minimum-Maximum Inventory Level
A simplistic
inventory system in which a minimum quantity
and maximum quantity are set for an item.
When the quantity drops below the minimum
amount, an order is placed up to the
maximum amount. This guards against stock
outs and prevents the buildup of stock, either
of which can be costly to the entity.
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Minor Irregularity
A variation from the solicitation
that does not affect the price of the contract
or does not give an offeror an advantage or
benefit not enjoyed by the other offerors or
does not adversely impact the interests of the
contracting party.
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Minority-Owned Business Enterprise (MBE)
A
business that is owned or controlled by a
member of a recognized minority group, as
defined by the public entity. See also:
Historically Underutilized Business (HUB),
Small Disadvantaged Business, Woman-
Owned Business Enterprise (WBE),
Economically Disadvantaged Individuals
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Misrepresentation
In the context of conditions
that may lead to a voidable contract,
misrepresentation occurs when one of the
parties to a contract makes an incorrect
statement about some material element of
the contract, misleading the other party,
which had relied on the statement when
choosing to enter into the contract.
