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.

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Search Results: 51-60 of 72 results for “T”
  • Trade-In Value

    The value obtained when trading one piece of equipment for another.
  • Trade-off Analysis

    An evaluation technique used to score proposals. This approach requires the evaluation team to evaluate the technical differences between proposals to determine if these differences justify paying the cost or price differential.
  • Trademark

    Words, names, symbols, sounds, or colors that distinguish goods and services from those manufactured or sold by others and indicate the source of the goods.
  • Trading Company

    An intermediary that sells goods or services manufactured or provided by others.
  • Transaction

    In computer science, a group of logical operations that must all succeed or fail as a group. Systems dedicated to supporting such operations are known as transaction processing systems. Examples include bill payment and credit card processing.
  • Transaction Cost Reduction

    Activities or process changes that decrease the cost to process a purchase order or a payment transaction. Procurement credit cards are an example of a transaction cost reduction.
  • Transactional Leadership

    A leadership prospective based on give and take. A transactional leader provides efficiency by securing resources to get the objective completed. A transactional leader links performance to reward. Transactional leaders accept the goals, structure, and culture of the existing organization.
  • Transactional Relationship

    Relationship: An economic, functional, reciprocal relationship based on the exchange of goods, services, or money with no concern for the success or welfare of the other party.
  • Transformational Leadership

    A leadership theory that involves leaders who are charismatic and visionary and can inspire followers to transcend their own self-interest for the good of the organization. These leaders appeal to the follower’s ideals and moral values and inspire them to think about problems in new or different ways. This leader exhibits vision, that is, the ability to bind people together with an idea. Transformational leadership can result in lower turnover rates, higher productivity rates, higher employee satisfaction.
  • Transit Charge

    Charge made for services rendered while a shipment is in transit.



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