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Scarcity
The gap between resources and
demand.
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Schedule Contract
A contract that consolidates
agency requirements by pre-establishing a bid
opening date and requiring using agencies to
submit requirements by a specified time. Also
called schedule purchase.
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Schedule of Events
Also referred to as a
“timetable” or “timeline.” It identifies the
projected milestones in the procurement
process from the beginning of the
procurement to its finalization.
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SCM
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Scope of Work
A written description of an
entity’s needs and desired outcomes for a
procurement developed at the beginning of
the procurement cycle. The scope of work is
the basis for any resulting solicitation; it helps
ensure that the product or service meets the
stated outcome and establishes the
parameters of the resulting contract.
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SCPA
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Scrap
1. Salvageable materials with a market value
that are damaged, defective, or deteriorated.
2. Remaining residue from operations after a
project is completed.
The value of such materials exceeds the
expenses required to sell them. See also:
Rubbish, Waste.
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Sealed Bid
A formal submission from a bidder
submitted in response to an Invitation for Bids
(IFB). The bid is submitted in a sealed
envelope to prevent its contents from being
revealed before the time and date set for the
bid opening.
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Search Cost
The money, time, and energy
expended by a buyer to research a good or
service for purchase.
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Seconds
Usable products containing
imperfections or slight defects that may be
marked down below typical list price.
