Dictionary of Procurement Terms

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Search Results: 21-30 of 72 results for “T”
  • Testing

    The element of inspection that determines the physical, chemical, performance properties, functional operation of items, or components thereof, using established scientific principles and procedures.
  • Theory of Constraints (TOC)

    A methodology that identifies the most important limiting factor that prevents an organization from achieving a goal and provides a plan to systematically address that limiting factor until it is no longer a barrier.
  • Theory X

    A management theory based on the traditional management view that employees dislike work, so they must be forced by management to do it.
  • Theory Y

    A management theory that assumes that employees, under proper conditions, will seek responsibility to satisfy their esteem, social, and self-actualization needs.
  • Theory Z

    A management theory that emphasizes the importance of including employees in company decisions.
  • Third Party

    Any person (including companies, partnerships, legal entities, churches, governmental entities) who does not have a direct connection with a legal transaction but who may be affected by it. See also: Grantee.
  • Tie Bid Preference

    A policy adopted by an entity that gives preference to a local bidder only if the bid is identical to a bid from a nonresident bidder, all other aspects of the bid being equal; a way to break a tie bid. Other preferences may include awarding the tie bid to a diverse or disadvantaged business or a bidder that resides within the state in which the bidding occurred.
  • Tie Bids

    Bids submitted by two or more bidders that have identical pricing. May signal collusion.
  • Time and Materials Contract (T & M)

    A contract that provides for contractor payment based on a direct labor, hourly rate that includes benefits, payroll taxes, overhead, and contractor profit and provides for the cost of materials and equipment used in performance of the contract. See also: Labor- Hour Contract.
  • Time Series Forecasting

    1. Methods that use historical data as the basis of estimating future outcomes. 2. A prediction based on the assumption that the trend of variations in the value of a variable will continue to recur in the future; that tomorrow will more or less resemble yesterday and today.



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