Dictionary of Procurement Terms

A person designated as a business' principal point of contact with customers for the purpose of selling that business' goods or services and ensuring customer satisfaction.

A government-imposed consumption tax on the sale of goods and services.

A geographical area or customer group assigned to a business' salesperson or team.

Property having some value in excess of its basic material content or scrap value, but it is in such condition as to be no longer usable, and its repair or rehabilitation for use is clearly impractical.

One or more units selected from the material or process lot and represented as a specimen of quality.

A technique that avoids the necessity of having to examine each item in a population but is sufficient to determine whether the entire population complies with an acceptable quality level or stated requirements.

1. Official approval or permission. 2. A punitive action by a government.

The part of a budget that is not spent.

A characteristic that describes an entity's, organization's, model's, system's, or function's ability to change in size or scale during a period of increased demand to meet that demand.