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Statement of Work
A written description in a
contract detailing performance expectations
and deliverables between the contracting
parties. After a supplier has been selected,
the statement of work becomes the basis for
the contract and must provide sufficient
information to meet the entity’s needs and
achieve successful outcomes, define the
expectations of the parties, set price and
payment schedules, and mitigate or avoid
disputes.
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Statistical Process Control (SPC)
A method,
technique, or procedure to analyze or monitor
a process. SPC looks to achieve or maintain a
state of control, improve a process capability,
and remove waste. Much of the benefit of SPC
lies in its ability to examine a process
measure output. Used mainly in
manufacturing lines, SPC seeks to provide in
the government environment “continuous
product or service improvements,” leading to
reduced wait times.
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Statute
Written law approved by legislatures,
parliaments, or houses of assembly;
legislation.
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Statute of Frauds
A federal act that requires
certain kinds of contracts be memorialized
and signed in writing with sufficient content to
evidence the contract. Examples include sales
of goods over $500 (not services); promises
to pay the debt of another; sales of land or
interest in land; agreements with a duration of
more than one year; agreements in
consideration of marriage.
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Statutory Law
The written law established by
enactments of government that express the
will of the legislature. While a statute refers to
written law, common law refers to unwritten
law. Statutes are written at all levels of
government.
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Stock
An item maintained on hand in a supply
system to meet future needs. May be held in
an inventory control system and issued on
demand.
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Stock Control
Act of continuously evaluating and
arranging for receipts of supplies and issues
from stores to ensure that stock balances are
adequate to support the current rate of
consumption.
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Stock Level
The desired quantity of stock to be
carried in inventory for a given item. This
quantity is adjusted periodically depending on
economic issues such as cost and supply and
demand. A minimum stock and maximum
stock level is predetermined based on existing
requirements.
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Stock Number
A standard number that is
assigned to identify like items. Examples of
standardized stock numbering systems
include the NIGP Commodity/Services Code
or the NATO Stock Numbering System.
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Stock Out
A condition in which there is a lack of
sufficient inventory on hand to fill an order
from the requisitioner, end user, or client
department.
