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Operational Research
The application of
scientific methods to the solution of
managerial and administrative problems,
involving complex systems or processes.
(Business 2002)
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Opportunity Cost
The loss that results from
choosing an option, taking into account the
value of the next-highest-valued alternative.
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Optical Character Recognition (OCR) (Optical Scanning)
The process of mechanically or
electronically converting images or pictures of
text into machine-encoded text.
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Optimized Production Technology
A proprietary
computerized system that optimizes
scheduling and reduces production and
process bottlenecks.
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Option
A unilateral right in a contract that the
entity may choose to exercise to purchase
additional supplies or services called for in
the contract, or to extend the period of
performance. See also: Buyer’s Option.
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Option to Extend
In accordance with contract
terms, an option that allows a continuance of
the contract for an additional period of time.
See also: Option to Renew.
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Option to Renew
A contract provision that allows
a party to reinstate the contract for an
additional term beyond that stated in the
original contract. See also: Option to Extend.
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Oral Presentation
A requirement or option in
some Requests for Proposals for the topranked
proposers to present to the evaluation
committee—often through the use of slide
shows and illustrations—any clarification, or to
expand on any aspects of their proposal that
may contribute to the selection of their offer.
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Order
An instruction issued to a supplier for
goods to be delivered or services to be
provided to a given place at a given price.
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Order Bill of Lading
A negotiable bill of lading
between carrier and consignor by which legal
possession of the shipment may be ordered
by endorsement from person to person; this
enables a shipper to collect for a shipment
before it reaches its destination. Is sometimes
used by shippers to consign shipments to
themselves so that delivery is made only upon
the shipper’s order. See also: Bill of Lading.
