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: 1-10 of 211 results for “P”
  • P3

  • Packaging

    See Public-Private Partnership.
  • Packing List (Slip)

    A document that itemizes in detail the contents of a particular package or shipment. It is provided to the carrier by the shipper and accompanies the shipment.
  • Pallet

    A flat platform, usually made of wood, metal, or composite material, on which goods are placed to be lifted and moved by a forklift truck.
  • PAP

  • Paper Trail

    A sequence of documents, including electronic, that evidence activities or events by a person on behalf of an entity for the purpose of tracking or explaining actions taken or not taken.
  • Par Value

    The face value of a bond; the amount to be repaid when the bond is due.
  • Pareto Accreditation

    Issued by NIGP: The Institute for Public Procurement, Pareto Accreditation recognizes those entities that lead the public procurement profession. Accreditation is valid for five years.
  • Pareto Chart

    A graphic depiction of the frequency of defects and their cumulative impact.
  • Pareto Principle

    Named after 19th century Italian economist Vilfredo Pareto, this principle states, for outcomes, about 80% of consequences come from about 20% of the causes. In terms of supply management situations, it means that 80% of an entity's purchasing dollars spent is created by 20% of the purchase orders issued. For inventory control purposes, it means that 80% of stock constitutes only 20% of the total inventory value. Also applies to procurement, where 20% of purchases account for 80% of the entity's annual spend.
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