Dictionary of Procurement Terms

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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.



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