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P3
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Packaging
See Public-Private Partnership.
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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.
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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.
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PAP
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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.
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Par Value
The face value of a bond; the amount to be repaid when the bond is due.
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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.
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Pareto Chart
A graphic depiction of the frequency of defects and their cumulative impact.
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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.