Dictionary of Procurement Terms

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Search Results: 71-80 of 102 results for “M”
  • Mission Statement

    A formal summary of the purpose and values of an entity, business, or organization.
  • Mistake (in Bids)

    Minor errors made in the form of bidding; for example, failure to insert a decimal point.
  • 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.
  • 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.
  • Misuse

    Improper or incorrect use of something of value that was intended for another purpose.
  • Mitigation

    The act of reducing the severity or damage caused by an undesirable occurrence.
  • 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.
  • 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.
  • 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.
  • 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)



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