Dictionary of Procurement Terms

Dictionary of Procurement Terms

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

Search the Dictionary of Terms

Search Results: 121-130 of 185 results for “S”
  • Stock Control

    Act of continuously evaluating and arranging for receipts of supplies and issues from stores to ensure that stock balances are adequate to support the current rate of consumption.
  • Stock Level

    The desired quantity of stock to be carried in inventory for a given item. This quantity is adjusted periodically depending on economic issues such as cost and supply and demand. A minimum stock and maximum stock level is predetermined based on existing requirements.
  • Stock Number

    A standard number that is assigned to identify like items. Examples of standardized stock numbering systems include the NIGP Commodity/Services Code or the NATO Stock Numbering System.
  • Stock Out

    A condition in which there is a lack of sufficient inventory on hand to fill an order from the requisitioner, end user, or client department.
  • Stock Record

    Information on the items in stock showing stock level position.
  • Stock Usage/Turnover Rate

    The historic rate at which a stocked item is used based on the number of times the stock is issued to determine the annual (or periodic) turnover rate.
  • Stock-Keeping Unit (SKU)

    A unique code used for inventory purposes that may be comprised of numbers and letters that identify the attributes of each product (e.g., size, color, and manufacturer).
  • Stockless Purchasing

    A contracting method that incorporates just-in-time delivery concepts, thus enabling the buyer to avoid carrying inventory to meet demand requirements. Suppliers own the inventory and deliver products directly to the customer with a predetermined time frame (e.g., 24 hours, three working days).
  • Stop Work Order

    Written notice to the contractor to immediately stop all work. Work cannot resume until the stop work order is removed.
  • Storage

    1. The act of storing, or state of being stored, in a designated place for safekeeping. 2. A function of warehousing that involves the receipt, putting away, and subsequent retrieval of an item. 3. Specific to technology, a computer memory that retains data for some period of time. Such storage can be categorized in many ways, including primary or secondary; readonly; random access; and magnetic storage.



Is there a term missing from our dictionary?


Does a more concise or relevant definition apply?


Submit your comments/suggestions to our editorial board at dictionary@nigp.org