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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Monopoly

A market characterized by a single supplier that sells a unique good or service.
Monopsony

A market in which there is only one buyer.
MOU

See Also: Memorandum of Understanding (MOU)
Moving Average

A continuous average method used to gather the most current usage information about an item by taking current trends into account and always using the most recent data.
MRO

See Also: Maintenance, Repair, Operating (MRO)
MRP

See Also: Material/Materiel Requirements Planning (MRP) System
MSDS

See Also: Material Safety Data Sheets (MSDS)
Multi-Step Bidding

A method of source selection involving two competitive steps that combine the elements of both Invitation for Bids and Request for Proposals. The first step may require the submission of technical and price proposals, with only the technical proposals being evaluated and scored. The second step involves opening the price proposals of those firms that have achieved the highest technical scores and are in competitive range.
Multi-Year Contract

A procurement contract that extends for longer than one year.
Multinational Corporation

A corporation that operates on a global scale, without significant ties to any one nation or region. (Business 2000)

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