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: 21-30 of 35 results for “V”
  • Vertical Integration

    Theory describing a style of business ownership and control. Vertically integrated companies are united through a hierarchy and share a common owner. Usually, each member produces a different product, and the products combine to satisfy a common need. Vertical integration is an important theory for procurement professionals who become involved in price/cost negotiation to understand. There are three major types of vertical integration: backward vertical, forward vertical, and balanced vertical.
  • Vertical Linkage Analysis

    A tool used to increase a company's competitive advantage by analyzing the value chain beyond the company itself, from the beginning (material suppliers) to the end (end users).
  • Vertical Training

    Specialized, in-depth training on specific topics to prepare the employee for upward mobility and promotional opportunities.
  • Virgin Product

    A product that is made with 100% new raw materials and contains no recycled materials. (Martin and Miller 2006)
  • Virtual Store

    An eCommerce term for an online marketplace, or store, that displays goods or services for buyers to order. May include other options, such as a live text chat with a company representative.
  • Vision Statement

    A sentence or short paragraph that is part of a strategic plan that describes the goal of an entity's mission and reason for its existence.
  • VOC

  • Void

    Not legally enforceable or binding.
  • Volatile Organic Compound (VOC)

    Human-made chemical that is emitted from products and easily vaporizes into gases that often are harmful to people or the environment.
  • Volatile-Priced Commodity

    Good whose price fluctuates.
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