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 122 results for “R”
  • R&D

  • Radio Frequency Identification (RFID)

    Radio Frequency Identification (RFID) refers to a wireless system comprised of two components: Tags and readers. Tags use radio waves to communicate their identity and a range of information from one serial number to several pages of data to nearby readers. The reader is a device that has one or more antennas that emit radio waves and receive signals back from the RFID tag. (USFDA, 2014)
  • Random Sampling

    A technique that results in a representative subset of the population where each element has the same chance of being selected as every other element in the population; such as to select items from the inspection lot so each item in the lot has an equal chance of being included in the sample. A form of quality assurance often used in modern polling, market research, and manufacturing.
  • Rate

    As applied to the transportation or movement of goods and material, the cost of, or charge, that applies to the service rendered by the carrier.
  • Rate of Exchange

  • Ratio Analysis

    Calculations that measure an organization’s financial health. Often mentioned in financial information provided by a public company to determine if they are a responsible bidder/proposer. (Business, 2002)
  • Raw Materials

    Items bought for use in the manufacturing process of a business. May include components, subassemblies, and complete products. Generally includes virgin materials such as wood, steel, and petroleum products. (Business, 2002)
  • RCA

  • Re-consignment

    1. A privilege extended to shippers allowing goods to be forwarded to a point other than the original destination without removal from the carrier and at the through rate from initial point to that of final delivery. 2. A change, as in consignee, destination, or route, in the original billing of goods in transit.
  • Re-Order Cycle Quantity

    The quantity of goods required to sustain operations for a specified period of time, after which time, orders will be placed for more goods.