Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 81-90 of 102 results for “M”
  • Model Number

    An identification number assigned to describe a style or class of item, such as a particular design, composition, or function by the manufacturer or distributor of that item.
  • Model Procurement Code

  • Modification

    Any written alteration to a provision of any contract accomplished by mutual agreement of the parties to the contract.
  • Monetary System

    The set of government regulations concerning a country’s monetary reserves and its holdings of notes and coins. (Business, 2000)
  • Monitoring

    A contract administration tool, whereby certain procedures are developed to assure the public entity that contracted services are being delivered in accordance with the terms and specifications of the contract.
  • Monopolistic Competition

    A market in which there are fewer sellers of goods and services than in a pure-competition environment that sells goods and services that are similar, but not equivalent.
  • Monopoly

    A market characterized by a single supplier that sells a unique good or service.
  • Monopsony

    A market in which there is only one buyer.
  • MOU

  • Moving Average

    A continuous average method used to gather the most current usage information about an item by taking current trends into account and always using the most recent data.
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