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Mission Statement
A formal summary of the
purpose and values of an entity, business, or
organization.
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Mistake (in Bids)
Minor errors made in the form
of bidding; for example, failure to insert a
decimal point.
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Mistake of Fact
A misunderstanding of the facts
or a flawed perception of the correct state of
affairs, which may be remedied by a court
of law.
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Mistake of Law
An error—not in the actual facts—
but in their legal significance, relevance, or
consequence, for which there is no relief from
a court of law.
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Misuse
Improper or incorrect use of something
of value that was intended for another
purpose.
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Mitigation
The act of reducing the severity or
damage caused by an undesirable
occurrence.
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Mixed Economy
An economic system that
combines both private and public enterprise
in which the allocation of goods and services
is based on market indicators and
government directives.
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Mobilization
The initial efforts involved in the
performance of a construction contact that
involve hiring workers and moving equipment
and facilities to the worksite. See also:
Demobilization.
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Mock-Up
The model of a device or item of
equipment, either full-sized or built to scale,
used for analysis, display, testing, or to study
the details or features of a design.
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Mode
1. The type of average that indicates the most
frequent instance of a number or happening.
2. The number in a distribution that occurs the
most frequently. (Business 2000)
