Dictionary of Procurement Terms

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Search Results: 41-50 of 204 results for “P”
  • Performance Record

    Documentation of a supplier’s past history regarding reliability, ontime delivery, quality issues, and other data that allows the procurement professional to evaluate overall performance.
  • Performance Specification

    A type of specification that describes the desired outcome of a service or intended use of a good and how the good will perform (e.g., number of items, distance to travel, time required). See also: Design Specification.
  • Performance Work Statement (PWS)

    A label used by the U.S. federal government for its scope of work in solicitations and statement of work in contracts that focus on performance outcomes.
  • Performance-Based Contract

    A results-oriented contracting method that focuses on the outputs, quality, or outcomes that may tie at least a portion of a contractor’s payment, contract extensions, or contract renewals to the achievement of specific, measurable performance standards and requirements. These contracts may include monetary and non-monetary incentives as well as specific remedies.
  • Periodic Inventory Control System

    A time-based inventory control system involving scheduled reviews of the stock level of each inventory item.
  • Periodic Ordering

    Orders placed at intervals for quantities needed to bring stocks up to desired levels.
  • Perishable Good

    Material subject to spoilage or deterioration within a relatively short time if proper conditions, such as temperature, are not maintained.
  • Perpetual Inventory Control System

    An ongoing record of all stock items, showing stock levels, withdrawals, replenishment, placement of purchase orders, receipt, issues, balances, quantities available, and stock adjustments.
  • Personal Liability

    A risk in which an individual, rather than an entity, is held legally responsible.
  • Personal Property

    1. Tangible or intangible property, other than real property. 2. Movable property subject to ownership, with exchangeable value.



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